FOR IMMEDIATE RELEASE
Petra Diamonds
Sales results for
Tender 6 of FY 2022
Like-for-like diamond prices up 7.7%
on previous tender
Richard Duffy, Chief Executive
Officer of Petra Diamonds (Petra), said:
“The Tender 6 results conclude a
strong year for Petra’s diamond sales both in terms of pricing and
the demand we have seen. The significant interest shown at Tender 6
bears testament to the ongoing strength of the rough diamond
market. We have seen pricing support across our product mix,
with particular strength in the prices of both white and coloured
gem-quality stones over the last 12 months.”
Petra announces the results of Tender 6 of FY 2022, at which
569,496 carats were sold for a total of US$93.0 million, bringing total sales for FY 2022
to US$584.5 million across Petra’s
mining operations.
|
Tender 6
June 2022 |
Tender 5
May 2022 |
FY
22
12 months to
30 Jun 2022 |
FY
21
12 months to
30 Jun 2021 |
Diamonds sold (carats) |
569,496 |
635,806 |
3,536,371 |
3,960,475 |
Sales (US$ million) |
93.0 |
86.1 |
584.5 |
406.9 |
Like-for-like rough diamond prices increased by 7.7% on Tender 5
(announced on 3 May 2022) while full
year like-for-like prices increased 41.5% compared to FY 2021, with
the balance of price movement attributable to product mix. Strong
demand, with resultant price increases, was evident across all size
and quality categories.
No Exceptional Stones were sold during this tender cycle. During
FY 2022, revenue from Exceptional Stones totalled US$89.0 million (US$75.2
million from Cullinan Mine and US$13.8 million from Williamson) compared to
US$62.0 million Exceptional Stone
revenue (all from Cullinan Mine) in the previous year. Petra
classifies ‘Exceptional Stones’ as rough diamonds that sell for
US$5 million or more each.
Mine by mine prices for Tender 6 are set out in the table
below:
US$/carat |
Tender 6
June 2022 |
Tender 5
May 2022 |
FY
22
12 months to
30 Jun 2022 |
FY
21
12 months to
30 Jun 2021 |
Cullinan
Mine1 |
151 |
111 |
169 |
111 |
Finsch |
140 |
122 |
118 |
77 |
Koffiefontein |
614 |
431 |
581 |
419 |
Williamson1 |
272 |
341 |
384 |
150 |
Note 1: Prices for both Cullinan Mine
and the Williamson mine 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 FY 2022.
The Company will provide further details of operating results
when it releases its FY 2022 Trading Update on 19 July 2022.
Tender 1 of FY 2023 is expected to take place
August/September 2022.
~ Ends ~
For further information, please
contact:
Petra Diamonds,
London
Telephone: +44 20 7494 8203
Jill
Sherratt
investorrelations@petradiamonds.com
Patrick Pittaway
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 Group’s portfolio incorporates interests in three
underground producing mines in South
Africa (Finsch, Cullinan Mine 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 Group 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 Group’s
US$336.7 million 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.