Petra Diamonds Sales results for Tender 5 of FY 2022

 
TIDMPDL 
 
3 May 2022                                                                 LSE: PDL 
 
                            Petra Diamonds Limited 
 
                     Sales results for Tender 5 of FY 2022 
 
Petra Diamonds Limited ("Petra" or the "Company") announces the results of 
Tender 5 of FY 2022, at which 635,806 carats were sold for a total of US$86.1 
million. 
 
                          FY 2022      FY 2022      FY 2022       FY 2022 
Tender 5 FY 2022          Tender 5     Tender 4     Tender 3   Year to Date 
Results 
 
Diamonds sold (carats)    635,806      735,222      885,136      2,966,875 
 
Sales (US$ million)         86.1        140.6        128.4         491.4 
 
Like-for-like rough diamond prices decreased by 23.7% on Tender 4 (March 2022), 
but were up 3.2% on Tender 3 (December 2021), with the balance of price 
movement attributable to product mix. Strong demand was again evident across 
all size and quality categories.  The reduction in prices compared to the highs 
seen in March was in line with other market commentary and as anticipated in 
our Q3 FY 2022 Trading Updated earlier this month. 
 
The fifth tender cycle included one Exceptional Stone from the Cullinan mine, a 
13.74ct blue stone.  This was sold for US$5.7 million into a partnership with 
Stargems (Pty) Ltd ("Stargems"), with Petra retaining a 50% interest in the 
profits of the resultant polished stone(s), net of costs. Petra classifies an 
'Exceptional Stone as a rough diamond that sells for US$5 million or more. 
 
Mine by mine prices for Tender 4, H1 FY 2022 and Year-to-Date FY 2022 are set 
out in the table below: 
 
                   Tender 5       Tender 4      H1 FY 2022        YTD 
Mine                FY 2022        FY 2022     6 months to      FY 2022 
                                                31-Dec-21 
                   (US$/ct)       (US$/ct)       (US$/ct)       (US$/ct) 
 
Cullinan1            111            180            192            172 
 
Finsch               122            151             97            114 
 
Koffiefontein        431            856            538            578 
 
Williamson1          341            369            760            437 
 
Note 1: Prices for both Cullinan and Williamson mines include proceeds from the 
sale of Exceptional Stones.  At Cullinan the product mix was negatively 
impacted by fewer Type IIa (white) stones in this sales cycle over the 
preceding FY2022 tenders. We expect this to improve back towards the average in 
future tenders. 
 
Petra intends to hold one further tender during FY 2022, in June. 
 
Richard Duffy, Chief Executive of Petra, commented: 
 
"As anticipated, these prices were below the significant increase we saw in our 
March sales, reflecting the seasonally quieter period and the ongoing 
uncertainty around the impact of the conflict in Ukraine. Prices nevertheless 
remain above our December tender levels, providing for some consolidation in a 
diamond market that continues to be supportive. 
 
"We are pleased to have entered into a third partnership arrangement with 
Stargems for this financial year on the 13.74ct blue diamond from Cullinan. We 
previously announced partnership arrangements, also with Stargems, on the 
342.92 carat Type IIa white diamond (that sold for US$10 million and an 18.30 
carat Type IIb blue diamond (that sold for US$3.5 million), both from Cullinan. 
Further details on the sale of the resultant polished diamonds will be provided 
as this process evolves." 
 
                                    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. 
 
 
 
END
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