Petra Diamonds says its third-quarter revenue for the financial year 2021 jumped 16% to $106 million compared to $91.3 million, a year earlier.
It said the increase was driven by improved pricing, the sale of a 299.3-carat exceptional diamond in February for $12.2 million, and the carryover of 382 000 carats, of mostly lower value stock from the first half of the financial year 2021 (H1 FY 2021), sold last January.
Petra said realized diamond prices increased by about 12% on a like-for-like basis from those achieved in H1 FY 2021.
"We are seeing encouraging signs of a recovery in the diamond market, supporting better pricing, reflected in the third quarter revenue numbers," said Petra chief executive Richard Duffy.
"Post completion of the capital restructuring, Petra is in a far stronger position, with a solid platform for future growth and development."
Meanwhile, the group's third-quarter production eased 24% to 704,498 carats compared to the previous year's 932,456 carats, with production for the nine months decreasing 19% to 2,4 million carats as opposed to 3 million carats in the comparative period last year.
Production at Cullinan in South Africa was up 9% to 436,703 carats, while a 43 decrease in production was registered at Finsch, also in South Africa with 253,607 carats.
The Koffiefontein mine in South Africa recorded an 18% decrease in production to 14,188 carats and the Williamson mine in Tanzania remained on care and maintenance.
Petra said discussions with the government of Tanzania concerning various issues at the Williamson mine, including the overdue VAT receivables and the blocked diamond parcel, are ongoing and are expected to conclude in the next quarter.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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