Petra Diamonds’ revenue was up 48% to $114.9 million in the first quarter of the fiscal year 2022 compared with $77.7 million, a year earlier driven by proceeds from the sale of exceptional stones during the quarter totalling $50.2 million.
It said the first-quarter revenue also benefited from realised diamond prices on a like-for-like basis rising about 3% compared to the fourth-quarter fiscal year 2021.
“The company has delivered a very strong revenue result due to the contribution of exceptional stone sales, supported by the continued strength in the diamond market,” said Petra chief executive Richard Duffy.
However, year-on-year production down 12% to 861,991 carats in the first quarter from 974,346 carats, due to planned decreases in tonnages and grade as part of the strategy to mitigate the waste ingress at the Finsch mine in South Africa.
Production rose 8% compared to 794,952 carats in the fourth quarter of the fiscal year 2021.
The increase, it said, follows steps to address the impact of waste ingress at the Finsch mine in South Africa.
Petra said its fiscal year 2022 production guidance is between 3.1 million carats and 3.4 million carats.
It said the re-engineering projects at Finsch and Koffiefontein initiated in July 2021 continue and the company will provide further information on these projects in February 2022.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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