Petra Diamonds Limited Initial sales results for 75% of Tender 2 FY 2024 (9074O)
October 06 2023 - 2:00AM
UK Regulatory
TIDMPDL
RNS Number : 9074O
Petra Diamonds Limited
06 October 2023
FOR IMMEDIATE RELEASE
06 October 2023 LSE: PDL
Petra Diamonds
("Petra" or "the Company")
Initial sales results for 75% of Tender 2 FY 2024
In response to the recently announced two-month moratorium on
diamond imports to India commencing on 15 October 2023, Petra has
brought forward its Tender 2 sales. In these initial tender
results, 344,554 carats, representing c. 75% of the total tender
volume, have been sold for a total of US$30.2 million, at an
average price of US$88 per carat, including Williamson. These
prices are 16 to 18% lower than prices achieved in Tender 1 FY2024
on a like-for-like basis, reflecting prevailing market
weakness.
The steps taken by major producers to curb supply to the market
and the two-month Indian moratorium are expected to bring some much
needed stability and support to the market and in turn prices. The
Company's assessment of the current market volatility and
associated near-term uncertainty will be reflected in our FY 2023
Annual Report and Accounts to be published on Tuesday 10 October
2023. In the medium to longer term, we continue to expect prices to
benefit from the structural supply deficit.
The sale of the remaining 25% of the volume of Tender 2 is
scheduled to close on or around 11 October 2023 and the full sales
results of Tender 2 will be released shortly thereafter.
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
Patrick Pittaway investorrelations@petradiamonds.com
Julia Stone
Kelsey Traynor
Camarco (Financial PR) Telephone: +44 20 3757 4980
Gordon Poole petradiamonds@ camarco.co.uk
Owen Roberts
Elfie Kent
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 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 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 .
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