Petra Diamonds Ltd - Sales results for Tender 1 FY 2023
PR Newswire
London, September 12
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$102.9 million across Petra's mining operations. There were no Exceptional Stones sold in the Tender 1.
| Tender 1 FY23 September 2022 | Tender 6 FY22 June 2022 | Variance T1 FY23 vs T6 FY22 | Tender 1 FY22 September 2021 | FY 2022 12 months to 30 June 2022 | |
| Diamonds sold (carats) | 520,011 | 569,496 | -9% | 578,186 | 3,536,371 |
| Sales (US$ million) | 102.9 | 93.0 | +11% | 114.9 | 584.5 |
| Average price (US$/ct) | 198 | 163 | +21% | 199 | 165 |
| Revenue from Exceptional Stones1 (US$ million) | - | - | - | 50.2 | 89.0 |
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 September 2022 | Tender 6 FY22 June 2022 | Variance T1 FY23 vs T6 FY22 | Tender 1 FY22 September 2021 | FY 2022 12 months 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
