Petra Diamonds adds 209.9 carat gem to Cullinan treasure

Petra Diamonds said on Thursday it had recovered a 209.9 carat ‘Type II’ diamond at its flagship Cullinan mine, the third recovery of such a large gem since March.

The miner bought Cullinan in 2008, aiming to breathe new life into the South African mine renowned for yielding the largest 3,106 carats rough gem diamond ever found in 1905.

The mine is also the world’s main source of rare blue diamonds. In March, Petra found a 425-carat diamond at the mine, and called it ‘The Legacy’.

Petra Diamonds said the recently discovered 209.9 carat stone was expected to be sold during the fourth quarter of its financial year.

The company aims to reduce its high debt levels and be cash flow positive in the second half of the year, Chief Executive Officer Richard Duffy said on Wednesday.

Shares of the miner were up 4.5 percent at 17.9 pence at 1349 GMT, but are still down some 50 percent this year.