Petra Diamonds produced 3.24 million carats during the fiscal year 2021, a drop of 10% compared to the 3.59 million carats, a year earlier.
The company said it registered an increased year-on-year performance at Cullinan that produced 1.94 million carats, but this was offset by lower production at Finsch and Koffiefontein, while Williamson remained on care and maintenance
“The Petra team has navigated a difficult FY2021 by delivering credible results whilst addressing numerous challenges around COVID-19 and the completion of our capital restructuring,” said Petra chief executive Richard Duffy.
“This makes Cullinan’s record performance, driven by Project 2022, all the more noteworthy.”
Petra said its fiscal year 2022 production guidance was between 3.3 million carats and 3.6 million carats, with the South African operations estimated to contribute about 3.1 million carats to 3.4 million carats.
Williamson, which is set to restart operations during the first quarter of the fiscal year 2022, was also estimated to produce 220 000 carats to 270 000 carats for the year.
Meanwhile, the company said that its fiscal year 2021 revenue rose 38% to $406.9 million from the previous year’s $295.8 million driven by sales from exceptional stones.
“We enter FY 2022 with a considerably strengthened balance sheet and a more supportive diamond market than we have seen for some time,” said Duffy.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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