16
February 2024
|
LSE: PDL
|
Petra Diamonds
Limited
("Petra"
or "the Company")
Final sales results for
Tender 4 FY 2024
The Company today announces the
sales results of its fourth tender cycle of FY 2024 in which
428.9kcts were sold for US$47.8 million, a 4.0% increase in
like-for-like[1] prices compared to Tender 3 FY
2024 which closed in December 2023.
These results exclude a 14.76ct
exceptional colour and clarity blue gemstone recovered from the
Cullinan Mine which the Company intends to sell on a standalone
tender basis expected to close towards the end of this
month.
Rough diamond sales results for the
respective periods are set out below1:
|
Tender 4
FY 2024
Feb-24
|
Tender 3
FY 2024
Dec-23
|
Variance
|
Tender 4
FY 2023
Feb-23
|
YTD
FY 2024
Tenders
1-4
|
YTD
FY 2023
Tenders
1-4
|
Diamonds sold (carats)
|
428,860
|
519,397
|
-17%
|
505,398
|
2,088,481
|
1,778,051
|
Sales (US$ million)
|
47.8
|
67.9
|
-30%
|
72.1
|
235.6
|
278.5
|
Average price (US$/ct)
|
112
|
131
|
-15%
|
143
|
113
|
157
|
Revenue from Exceptional
Stones2 (US$ million)
|
0.0
|
0.0
|
n.a.
|
0.0
|
0.0
|
0.0
|
Note 1: Excludes all Koffiefontein sales results since it has
been classified as a discontinued operation in the Group's FY 2023
accounts.
Note 2: Exceptional Stones are defined as rough diamonds for
US$15 million or more each.
Sales
Total revenue YTD FY 2024 from rough
diamond sales is US$235.6 million, compared to US$278.5 million in
the first four tenders of FY 2023, excluding Koffiefontein.
Year-on-year volume variances were affected by the deferral of
certain FY 2023 sale parcels sold as part of Tender 1 of FY
2024.
Mine by mine average prices for the
respective periods are set out in the table below:
US$/carat
|
Tender 4
FY 2024
Feb-24
|
Tender 3
FY 2024
Dec-23
|
YTD FY 2024
Tenders 1-4
|
YTD FY 2023
Tenders 1-4
|
FY 2023
|
Cullinan Mine
|
98
|
139
|
109
|
154
|
139
|
Finsch
|
101
|
91
|
100
|
121
|
110
|
Williamson
|
220
|
201
|
207
|
280
|
280
|
Like-for-like prices
Like-for-like rough diamond prices
improved by 4.0% on Tender 3 FY 2024, with higher prices achieved
across all size categories, barring the 5 to 10.8ct size range
where prices were largely flat compared to the previous tender.
Average like-for-like prices were down 9.2% year-to-date compared
to the equivalent four tenders of FY 2023.
Product mix
The balance of price movements is
attributable to product mix, with both Williamson and Finsch
benefiting from an improved product mix compared to the previous
tender.
For
further information, please contact:
Investor Relations, London
Telephone:
+44 20 7494
8203
Patrick
Pittaway
investorrelations@petradiamonds.com
Julia Stone
Kelsey Traynor
Financial PR (Camarco)
Gordon
Poole
Telephone: +44 20 3757 4980
Owen Roberts
petradiamonds@camarco.co.uk
Elfie Kent
About Petra Diamonds Limited
Petra Diamonds is a leading
independent diamond mining group and a supplier of gem quality
rough diamonds to the international market. The Company's portfolio
incorporates interests in three underground mines in South Africa
(Finsch, Cullinan Mine and Koffiefontein) and one open pit mine in
Tanzania (Williamson). The Koffiefontein mine is
currently on care and maintenance in preparation of sale or
closure.
Petra's strategy is to focus on
value rather than volume production by optimising recoveries from
its high-quality asset base in order to maximise their efficiency
and profitability. The Group has a significant resource base which
supports the potential for long-life operations.
Petra strives to conduct all
operations according to the highest ethical standards and only
operates in countries which are members of the Kimberley Process.
The Company aims to generate tangible value for each of its
stakeholders, thereby contributing to the socio-economic
development of its host countries and supporting long-term
sustainable operations to the benefit of its employees, partners
and communities.
Petra is quoted with a premium
listing on the Main Market of the London Stock Exchange under the
ticker 'PDL'. The Company's loan notes due in 2026 are listed on
the Irish Stock Exchange and admitted to trading on the Global
Exchange Market. For more information, visit
www.petradiamonds.com.