Petra Diamonds hit by falling production

Aura Renewable Acquisitions PLC is up 8.0% at 5.94 pennies, 12-month range 5.00p-18.50p. The special-purpose, renewable energy-focused acquisition company enters its first year of full operation. It says it continues to look at a variety of targets acquisitions and investments. It expects supply chain, inflation, and interest rate issues to be "less of an inhibitor" to its corporate activity in 2023. "[We] think that capital market activity will gradually recover and fundraisings will continue to improve as the year progresses. Amigo Holdings PLC, 19% down at 3.16 pence. 12-month range 1.63p to 10.00p. Bournemouth-based guarantor lender begins a marketing campaign to raise equity to finance its growth plans and comply with its terms of the arrangement. Amigo obtains term sheets for its debt facilities, which it believes can be executed after further negotiations with lenders. To date, however, it has not been able to get a commitment from any "cornerstone investor" for the entire capital raise. Amigo is currently assessing the interest in forming a syndicate from such investors to help fund a GBP45million capital raise. Amigo states that if the capital raise fails, it will return to the fallback solution described in the scheme, which is a wind-down. Petra Diamonds Ltd., 5.3% down at 96.64 pence. 12-month range 72.00p-139.00p. According to the diamond miner, production dropped by a double-digit percent in the first half its financial year. The six-month period ending December 31 saw a 21% drop in diamond production to 1.4 Million carats. This was due to lower grades at Cullinan and Finsch mines, as well as lower production suspensions at Williamson and Koffiefontein. The interim revenue was USD212.1 million, a 20% decrease from USD264.7 million in the previous year. Petra Diamonds expects that production at the Cullinan mining site will be lower for the rest of financial 2023, and financial 2023. Heather Rydings is a senior economics reporter at Alliance News. Send comments and questions to EMAIL Copyright: 2023 Alliance News Ltd.