Petra Diamonds has reduced its consolidated net debt to $207.6 million as of 30 September 2021, from $228.2 million at the end of June 2021.
The company’s debt was $692.3 million as of 30 September 2020.
Petra said since the launch of its Project 2022, which commenced in July 2019, a standardised business improvement process has become part of the company’s operating model.
“It is used not only to improve throughput and reduce costs but to also generate improvements in other key areas of the business such as safety,” the company said.
“Through a process of idea generation, various ideas were selected and implemented as closely monitored projects with the objective of improving throughput at all of the company’s operations, and to optimise operating and capital expenditure across the group.”
Petra said annualised operating cashflow benefits of about $70 million are expected to be delivered through the Project 2022 initiatives and are expected to result in the group meeting its $100 million to $150 million net free cash flow target by the end of June 2022.
Mathew Nyaungwa, Editor in cChief of the African Bureau, Rough&Polished
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