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Petra Diamonds sees lower 2020 production, cuts capital spending

Petra Diamonds Ltd said on Monday it expects production for the full year 2020 to be below current year’s output of 3.9 million carats, and forecast lower capital spending for next year.

The precious gems miner said it expects full year 2020 diamond output of about 3.8 million carats and capital expenditure to be about $43 million as it continued to tighten its capital budget.

Revenue for the year ended June 30 fell 6% to $463.6 million due to weaker diamond market, the company said.

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