Petra Diamonds, which has mining operations in South Africa and Tanzania, earned $584.1 million in revenue in the fiscal year 2022 compared to $406.9 million, a year earlier.
The miner said the 44% growth in revenue from diamond sales was driven in part by the increased number of exceptional stones sold, totalling $89.1 million against $62 million in the fiscal year 2021. Revenue also benefited from a 41.5% increase in like-for-like diamond prices in the fiscal year 2022.
However, the number of carats sold dropped by 11% compared to the fiscal year 2021 when significantly higher volumes were sold, mostly off-tender.
This followed the inventory build-up witnessed late in the fiscal year 2020 after the initial COVID-19 outbreak.
Meanwhile, Petra said that its production for the year was in line with guidance, totalling about 3,4 million carats compared to the previous year’s 3,2 million carats.
Production included Williamson’s throughput, having resumed production in the first half of the year after 18 months of care and maintenance since April 2020.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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