Petra Diamonds Sales results for Tender 1 FY 2023

 
TIDMPDL 
 
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    Tender 6     Variance    Tender 1 FY22     FY 2022 
                September 2022     FY22      T1 FY23 vs     September    12 months to 
                                June 2022      T6 FY22         2021      30 June 2022 
 
Diamonds sold      520,011       569,496         -9%         578,186       3,536,371 
(carats) 
 
Sales (US$          102.9          93.0         +11%          114.9          584.5 
million) 
 
Average price        198           163          +21%           199            165 
(US$/ct) 
 
Revenue from          -             -             -            50.2          89.0 
Exceptional 
Stones1 (US$ 
million) 
 
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  Tender 6 FY22    Variance     Tender 1 FY22   FY 2022 
                September 2022   June 2022     T1 FY23 vs   September  2021 12 months 
                                                 T6 FY22                        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: [phone] 
 
Jill Sherratt 
[e-mail] 
 
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 
 
 
 
END 
 
 

(END) Dow Jones Newswires

September 13, 2022 02:02 ET (06:02 GMT)