Petra Diamonds Ltd - Sales Results for Tender 3 of FY 2022
PR Newswire
London, December 14
FOR IMMEDIATE RELEASE
| 15 December 2021 | LSE: PDL |
Petra Diamonds Limited
("Petra" or the "Company")
Sales Results for Tender 3 of FY 2022
Petra Diamonds Limited has taken the decision to release sales results post each of the individual tender cycles held by the Company, as is common for other listed diamond producers. Further to this, Petra announces the results of Tender 3 of FY 2022, at which 885,136 carats were sold for a total of US$128.3 million.
| Tender 3 FY 2022 Results | FY 2022 Tender 3 | FY 2021 Tender 3 |
| Diamonds sold (carats) | 885,136 | 752,920 |
| Sales (US$ million) | 128.3 | 98.1 |
Highlights:
- Like-for-like rough diamond prices increased by ca. 16% on the six months to June 2021.
- This tender cycle included a 295.8ct white stone from the Cullinan mine, which sold for US$13.9 million to Stargems DMCC.
- The tender cycle also included the first parcel sold on behalf of Williamson Diamonds Limited post the restart of operations.
- A total of 26,611 carats were sold from the Williamson parcel, including a 32.32 carat exceptional pink diamond which sold for US$13.8 million to Diacore International. The balance of goods from the Williamson parcel sold for a total of US$6.4 million, averaging US$241 per carat.
FY 2022 Tender Results year-to-date:
| FY 2022 Year to Date | FY 2022 Tender 3 | FY 2022 Tender 2 | FY 2022 Tender 1 | |
| Diamonds sold (carats) | 1,595,847 | 885,136 | 132,525 | 578,186 |
| Sales (US$ million) | 264.7 | 128.3 | 21.5 | 114.9 |
Richard Duffy, Chief Executive of Petra, commented:
"These strong sales results are further evidence of the robust health of the diamond pipeline. The rough market is currently being driven by strong sales of polished diamonds and increased demand from the manufacturing centres, which in turn reflects positive end consumer markets, particularly in the run-up to the festive selling season. Demand at our most recent tender cycle appeared to span across the entire spectrum of rough assortments and sizes, and reflects the real shortages of quality goods further to the recent contraction of global rough supply."
More detailed mine by mine information will be included in the Company's H1 FY 2022 trading update to be released on 18 January 2022.
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
Cathy Malins investorrelations@petradiamonds.com
Des Kilalea
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 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 ca. 230 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.
