FOR IMMEDIATE RELEASE
Petra Diamonds
Limited
("Petra" or the "Company")
Sales Results for
Tender 4 of FY 2022
Petra Diamonds Limited announces the results of Tender 4 of FY
2022, at which 735,222 carats were sold for a total of US$140.6 million. The Company has now completed
its fourth sales cycle for FY 2022, having announced the initial
results for the first 80% of goods sold for this cycle on
25 February 2022.
Tender 4 FY 2022 Results |
FY 2022
Tender 4 |
FY 2022
Tender 3 |
FY 2022
Year to Date |
Diamonds sold (carats) |
735,222 |
885,136 |
2,331,069 |
Sales (US$ million) |
140.6 |
128.4 |
405.3 |
Like-for-like rough diamond prices increased by 46.5% on the six
months to December 2021 and 37.6% on
Tender 3 which closed around 15 December
2021, with the balance of price movement attributable to
product mix. Strong demand with resultant price increases were
evident across all size and quality categories.
This tender cycle included one Exceptional Stone from the
Cullinan mine which was a 157.8ct white stone sold for US$5.5 million. Petra classifies
‘exceptional’ stones as rough diamonds that sell for US$5 million or more each.
Mine by mine prices for Tender 4, H1 FY 2022 and Year-to-Date FY
2022 are set out in the table below:
Mine |
Tender 4
FY 2022
(US$/ct) |
H1
FY 2022
6 months to
31-Dec-21
(US$/ct) |
YTD
FY 2022
(US$/ct) |
Cullinan1 |
180 |
192 |
188 |
Finsch |
151 |
97 |
112 |
Koffiefontein |
856 |
538 |
612 |
Williamson1 |
369 |
760 |
488 |
Note 1: Prices for both Cullinan and Williamson mines include
proceeds from the sale of Exceptional Stones, noting that
there were a number of high value Exceptional Stones from the
Cullinan mine and a high value Exceptional Stone at the Williamson
mine in H1 FY 2022.
The Company intends to hold two further tenders during FY 2022,
in April and June.
Richard Duffy, Chief Executive of
Petra, commented:
“The tender of the Group’s South African operations was
hosted in South Africa for the
first time since the Covid-19 pandemic took hold and was extremely
well attended. Demand spanned the entire spectrum of rough
assortments and sizes, with a notable increase in the price of
larger stones – particularly the white D-colours, for which
Cullinan is renowned, as well as fancy coloured diamonds.
These strong sales results support
the robust health across the diamond value chain that has been
evident since mid-2021. Current pricing in the rough market is
being driven by strong sales of polished and increased demand from
the manufacturing centres, bolstered by record sales during the
festive season that have continued into the new year. Whilst we
believe this market reflects the structural change in underlying
supply and demand dynamics, which we expect to continue in the
medium term, it is too soon to determine what impact the current
conflict in Ukraine will have on
the global economy and the diamond market specifically.”
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is being
released on behalf of Petra by the Company Secretary.
~ Ends ~
For further information, please
contact:
Petra Diamonds,
London
Telephone: +44 20 7494 8203
Jill
Sherratt
investorrelations@petradiamonds.com
Julia Stone
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 producing mines in South
Africa (Finsch, Cullinan and Koffiefontein) and one open pit
mine in Tanzania (Williamson).
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 of ca. 230 million carats,
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
US$336.7 million notes due in 2026
are listed (subject to temporary suspension) on the Irish Stock
Exchange and admitted to trading on the Global Exchange Market. For
more information, visit www.petradiamonds.com.