Petra
Diamonds Limited
(Petra
or
the
Company)
Postponement
of Tender 1 FY25
Richard Duffy, Chief Executive Officer of Petra,
commented:
“We
have taken the proactive decision to defer the upcoming
August/September tender from our South African operations, to
support steps taken by major producers to restrict supply in this
weaker demand period. Our expectation is that supply discipline,
together with the expected seasonally stronger demand as we head
towards the festive season, will provide some pricing support later
in the calendar year.
Our
recent steps to create a stronger balance sheet have provided us
with flexibility around the timing of our tenders to respond to
prevailing market conditions and we have adequate liquidity,
including available and undrawn balances on our existing revolving
credit facility, to fund our working capital
requirements.”
The rough
diamond parcels from our South African operations, originally
earmarked for sale in August/September as part of Tender 1 for FY
2025, are now planned to be tendered as part of Tender 2, expected
to close mid-October. The schedule for Williamson’s tender remains
unchanged.
FURTHER
INFORMATION
Please
contact
Investor
Relations, London
Patrick Pittaway
Telephone:
+44 20 7494 8203
Kelsey Traynor
investorrelations@petradiamonds.com
ABOUT
PETRA DIAMONDS
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 (Cullinan Mine,
Finsch and Koffiefontein) and one open pit mine in Tanzania (Williamson). The Koffiefontein mine
is currently on care and maintenance in preparation for a possible
sale following the execution of a definitive sales agreement as
announced on 8 April
2024.
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.