Petra Diamonds Sales results for Tender 1 FY 2023
13 September 2022 - 4:02PM
UK Regulatory
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: +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
END
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