Petra Diamonds’ gross diamond reserves decreased 14% to 33.33 million carats as of 30 June 2021 compared with 38.86 million carats, a year earlier.
It said the decrease was mainly due to mining depletion, the impact of increased pit scaling and waste ingress on the remaining reserves in the current SLC at Finsch, changes to the mine plan and mining method for the future block at Finsch, and Williamson remaining on care and maintenance with an associated reduction in reserve estimate given the remaining tenure of the special mining license.
Meanwhile, the company said it is expecting its production to increase to between 3.3 million carats and 3.6 million carats in the fiscal year 2022, with the South African operations estimated to contribute 3.1 million carats to 3.4 million carats while Williamson is estimated to contribute up to 270 000 carats.
Petra said it continues preparing to resume operations at the Williamson in the first half of the fiscal year 2022 with the redeployment of employees and contractors while receiving relevant refresher and safety training, and the recommissioning of plant and equipment.
“The board has decided to review its strategic options at Williamson and the asset has therefore been classified as an asset held for sale for financial reporting purposes,” it said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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