FOR IMMEDIATE RELEASE
13 September 2022 |
LSE: PDL |
Sales results for
Tender 1 FY 2023
Petra achieves
US$ 102.9 million in sales in first
tender for FY 2023
Richard Duffy, Chief Executive
Officer of Petra Diamonds (Petra), said:
“We have achieved strong sales in the first tender of FY
2023, realising US$102.9 million due
to a high proportion of high-value gem-quality single stones
particularly from the Cullinan Mine. This has resulted in a 21%
increase in our average realised price against Tender 6 in FY 2022,
more than offsetting the 4.5% softening of like-for-like
prices[i].
“We have seen strong support in
fancy-coloured and large white stones while pricing of smaller
stones has continued its recent upward trend. Subdued demand in
China has led to relative pricing
pressure on 0.75ct up to 5ct size ranges..
“While we expect some volatility in
pricing in the short-term given the ongoing macro-economic
situation, we remain encouraged by the supportive diamond market
resulting from the projected supply deficit in the medium to longer
term.”
Petra announces the results of Tender 1 of FY 2023, at which
520,011 carats were sold for a total of US$102.9 million across Petra’s mining
operations. There were no Exceptional Stones sold in
the Tender 1.
|
Tender 1 FY23
September 2022 |
Tender 6 FY22
June 2022 |
Variance
T1 FY23 vs
T6 FY22 |
Tender 1 FY22
September 2021 |
FY
2022
12 months to
30 June 2022 |
Diamonds sold (carats) |
520,011 |
569,496 |
-9% |
578,186 |
3,536,371 |
Sales (US$ million) |
102.9 |
93.0 |
+11% |
114.9 |
584.5 |
Average price (US$/ct) |
198 |
163 |
+21% |
199 |
165 |
Revenue from
Exceptional Stones1 (US$ million) |
– |
– |
– |
50.2 |
89.0 |
Note 1: Petra classifies “Exceptional
Stones” as rough diamonds which sell for US$5 million or more each
Mine by mine prices for Tender 1 are set out in the table
below:
US$/carat |
Tender 1 FY23
September 2022 |
Tender 6 FY22
June 2022 |
Variance
T1 FY23 vs
T6 FY22 |
Tender 1 FY22
September 2021 |
FY
2022
12 months to
30 June 2022 |
Cullinan Mine |
212 |
151 |
+41% |
2491 |
1691 |
Finsch |
132 |
140 |
-6% |
96 |
77 |
Koffiefontein |
383 |
614 |
-38% |
664 |
581 |
Williamson |
297 |
272 |
+9% |
n/a |
3841 |
Note 1: Prices for both Cullinan Mine
and Williamson include proceeds from the sale of a number of
Exceptional Stones.
Petra provides further details of operating results in its
preliminary results for FY 2022, also released today.
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 Company’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 226.6 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.
[i] Like-for-like refers to the change in realised prices
between tenders and excludes revenue from all single stones and
Exceptional Stones, while normalising for the product mix
impact