Petra boosts H1 revenue, output

Petra Diamonds has increased its first-half revenue for the fiscal year 2022 by 49% to $264.7 million compared to $178.1 million, a year earlier.
The increase was driven by an improved sale of exceptional stones totalling $77.9 million from the previous year’s $40.4 million.
Petra said the first half revenue also benefited from realised diamond prices on a like-for-like basis is up about 16% compared to the preceding six-month period to 30 June 2021.
The miner, however, said sales volumes eased 7% compared to the comparative period when significantly higher volumes were sold, mostly off-tender, following the inventory build witnessed late in the fiscal year 2020 after the initial COVID-19 outbreak. 
Tender volumes and resultant diamond inventories have now normalised in line with normal tender timings, it said.
Meanwhile, Petra said its first-half production totalled about 1,77 million carats compared to 1,74 million carats, a year earlier.
“During the period, Williamson resumed production, having been on care and maintenance since April 2020, while steps to address both the prior waste ingress at Finsch as well as the convergence of a tunnel at Cullinan have yielded positive results,” it said.
Petra said Cullinan is still expected to deliver on its annual guidance for the fiscal year 2022 of between 1.7 million carats and 1.9 million carats.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished