Petra Diamonds Ltd - Combined Tender 5 & 6 FY 2025 sales results
PR Newswire
LONDON, United Kingdom, June 09
9 June 2025 | LSE: PDL |
Petra Diamonds Limited
(Petra or the Company)
Combined Tender 5 & 6 FY 2025 sales results
Petra today announces its combined Tender 5 & 6 sales results, following the decision made in April to postpone the sale of its Cullinan Mine goods.
In total for these tenders, 613,682 carats were sold for US$53 million, at an average price of $86 per carat, bringing year-to-date sales revenues to $239 million from the sale of 2,390,976 carats.
This total includes 84,479 carats sold for US$14 million from Williamson, since the last tender results. This is the final tender sale from the Williamson Mine under Petra's ownership following the completion of the sale of the asset in May 2025.
Rough diamond sales results for the respective periods are below:
| Tender 5/6 FY 2025 Apr/June 25
| Tender 4 FY 2025 Feb-25 | Variance | Tender 5/6 FY 2024 Apr/May-24 | YTD FY 2025 Tenders 1-6 | YTD FY 2024 Tenders 1-6 |
Diamonds sold (carats)
| 613,747 | 476,265 | +29% | 733,236 | 2,390,976 | 2,821,716 |
Sales (US$ million)
| 53 | 39 | +34% | 93 | 239 | 329 |
Average price (US$/Ct)
| 86 | 83 | +4% | 127 | 100 | 116 |
Sales
Total revenue YTD FY 2025 from rough diamond sales is US$239 million, compared to US$329 million in the first six tenders of FY 2024.
Mine by mine average prices for the respective periods are set out in the table below:
US$/carat | Tender 5/6 FY 2025 Apr / Jun-25
| Tender 4 FY 2025 Feb-25 | YTD FY 2025 Tenders 1-6 | YTD FY 2024 Tenders 1-6 | FY 2024 |
Cullinan | 72 | 77 | 98 | 117 | 116 |
Finsch
|
75 |
67 |
75 |
98 |
98 |
Williamson
| 169 | 173 | 170 | 198 | 191 |
In light of ongoing market uncertainty and the product mix issue at Cullinan mine, as referred to in the 9 April 2025 announcement, the Company will continue to keep its pricing assumptions for FY 2025 under review.
Like-for-like prices
Like-for-like rough diamond prices, excluding single stones, for goods sold improved by 3% on Tender 4 FY 2025 across most product categories. YTD like-for-like prices are down 16% compared to the equivalent six tenders of FY 2024, mainly from smaller size categories.
Product Mix
As indicated in the 9 April 2025 announcement, Cullinan Mine has been experiencing product mix weakness, resulting in a -6% movement in prices achieved due to product mix compared to Tender 4. The Company expects the product mix to improve, as we continue to ramp up production from the CC1E and from the Western side of the C-Cut block.
At Finsch, however, an improvement in the product mix since Tender 4 has resulted in a +7% movement in prices, as we began accessing ore from new areas at Finsch.
Ongoing tender reporting
In response to fluctuations in diamond prices and demand, the Company no longer follows regular tender cycles and may postpone portions of tenders or sell goods as run-of-mine. Reporting tender results on a tender-by-tender basis is no longer appropriate, and sales results will be reported quarterly, along with the operating update, in the future.
~ Ends ~
For further information, please contact:
Petra Diamonds, London Kelsey Traynor
| Telephone: +44 7495 470 187 investorrelations@petradiamonds.com |
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 two underground mines in South Africa (Cullinan and Finsch Mines).
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 on the Main Market of the London Stock Exchange under the ticker 'PDL'. The Company's loan notes, due in 2026, are listed on EuroNext Dublin (Irish Stock Exchange). For more information, visit www.petradiamonds.com.
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