Petra Diamonds (LON:PDL) has lowered its full-year production target by around 200,000 carats or around 7% at the half way stage.
In its half-year results, the South African diamond miner warned investors that it now expects to produce around 2.65 million carats (Mcts), having previously hinted at 2.85Mcts.
The company insisted that the medium-term outlook of achieving continued production growth until the development plans deliver production from the new mining areas remains firmly intact.
“These results mark a further step change in production and revenues for the group,” said chief executive Johan Dippenaar.
“Though we consider it prudent to revise full year production expectations, it is important to note that we still expect to report substantial production growth for financial year 2013.
“Our production growth plans remain in place, with targeted output growing to five million carats by financial year 2019.”
In the six months to 31 December, Petra boosted production by 31% to 1.25Mcts, while revenues lifted 54% to US$156.3mln after it sold 57% more carats than in 2011.
Shares opened 3.7% lower on the news.