TIDMPDL
RNS Number : 7203W
Petra Diamonds Limited
14 December 2023
14 December 2023 LSE: PDL
Petra Diamonds Limited
("Petra" or "the Company")
Final sales results for Tender 3 FY 2024 and Notice of Investor
Presentation
Further to the announcement on 8 December 2023 of Petra's
initial sales results for Tender 3, the Company today announces the
final sales results for its third tender cycle following further
sales of 56.6 kcts for US$9.3 million which brings total sales for
this cycle to US$67.9 million from 519.4 kcts sold. The final sales
results delivered a 19.3% increase in like-for-like[1] prices
compared to Tender 2 FY 2024 which closed in October 2023,
reaffirming Petra's belief that diamond prices have likely
bottomed.
Petra's Senior Management will host an investor presentation on
18 December 2023 to discuss recent company updates and the diamond
market. Details can be found at the bottom of the release.
Rough diamond sales results for the respective periods are set
out below(1) :
Tender 3 Tender Variance Tender YTD YTD
FY 2024 2 3 FY 2024 FY 2023
Dec-23 FY 2024 FY 2023 Tenders Tenders
Sep/Oct-23 Dec-22 1-3 1-3
Diamonds sold
(carats) 519,397 444,029 17% 303,300 1,659,620 1,264,722
(initial:
462,794)
Sales (US$ million) 67.9 40.5 68% 41.5 187.8 202.8
(initial:
58.7)
Average price
(US$/ct) 131 91 44% 137 113 160
(initial:
127)
Revenue from
Exceptional
Stones(2) (US$
million) 0.0 0.0 n.a. 0.0 0.0 0.0
-------------------- ---------- ----------- -------- -------- --------- ---------
Note 1: Excludes all Koffiefontein sales results since it has
been classified as a discontinued operation in the Group's FY 2023
accounts.
Note 2: Exceptional Stones are defined as rough diamonds for
US$15 million or more each.
Sales
A further 25.2 kcts of goods from Cullinan Mine and Finsch were
sold, yielding US$3.1 million, while a shipment from Williamson
containing 31.4 kcts was sold for US$6.2 million.
Total revenue YTD FY 2024 from rough diamond sales is US$187.8
million, compared to US$202.8 million in the first three tenders of
FY 2023, excluding Koffiefontein. Year-on-year volume variances
were affected by the deferral of certain FY 2023 sale parcels,
which were sold as part of Tender 1 of FY 2024.
Mine by mine average prices for the respective periods are set
out in the table below:
US$/carat Tender 3 Tender 2 YTD FY 2024 YTD FY 2023 FY 2023
FY 2024 FY 2024 Tenders 1-3 Tenders 1-3
Sep/Oct-23
Dec-23
Cullinan
Mine 139 78 112 154 139
(initial: (initial:
133) 110)
Finsch 91 83 99 121 110
(initial: (initial:
94) 101)
Williamson 201 203 202 280 280
(initial: (initial:
203) 203)
------------ ---------- ----------- ------------ ------------ -------
Like-for-like prices
Like-for-like rough diamond prices for goods sold improved by
19.3% on Tender 2 FY 2024, driven by over 20% increases in prices
achieved for goods smaller than 2 cts, while 2 to 10.8 ct parcels
saw increases in the mid-teens. Year to date like-for-like prices
are down 13.3% compared to the equivalent three tenders of FY
2023.
Product mix
The balance of price movements is attributable to product mix,
with an improved contribution from higher-value single stones from
Cullinan Mine, including a 12.6ct blue stone that sold for US$6.2
million and was included in the initial sales results, while Finsch
and Williamson saw marginally reduced overall qualities in their
product offering, although both remained within the expected range
of product variability.
DETAILS OF INVESTOR PRESENTATION
Given a number of recent updates have been made on the Company
and the diamond market, Petra would like to invite investors to
join a live presentation with Q&A to be hosted by the Company's
Senior Management.
The update presentation will be held via Investor Meet Company
on 18th Dec 2023 at 2pm GMT.
The call is open to all existing and potential shareholders.
Questions can be submitted pre-event via your Investor Meet Company
dashboard up until 9am the day before the meeting or at any time
during the live presentation.
Investors can sign up to Investor Meet Company for free and add
to meet Petra Diamonds via:
https://www.investormeetcompany.com/petra-diamonds-limited/register-investor
Investors who already follow Petra Diamonds on the Investor Meet
Company platform will automatically be invited.
For further information, please contact:
Investor Relations, London Telephone: +44 20 7494 8203
Patrick Pittaway investorrelations@petradiamonds.com
Julia Stone
Kelsey Traynor
Financial PR (Camarco)
Gordon Poole Telephone: +44 20 3757 4980
Owen Roberts petradiamonds@camarco.co.uk
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). The
Koffiefontein mine is currently on care and maintenance in
preparation of closure.
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.
[1] 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
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END
RTETJBJTMTBBTRJ
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