Petra Diamonds shares fell 10% on lower revenues and more losses in the half year to December with the miner also cautious about prices going forward.
“Whilst we believe that prices have now bottomed, we expect pricing to recover more slowly than initially thought," said Richard Duffy, chief executive.
Duffy added the South Africa-based diamonds specialist is on track for US$75 million cash savings with cost savings expected to contribute US$10 million.
Petra also plans to restart its capital projects and be “sustainably net cash generative from FY 2025”.
Revenues in the six months to end December 2023 dropped to US$187 million (US$208m) and the group swung to an adjusted loss of US$16 million from a profit of US$40.5 million.
Shares fell 4.25p to 38.75p.