Petra Diamonds, which has operations in South Africa and Tanzania, is expected to produce between 2.8 million and 2.9 million carats in its financial year (FY) 2023, compared to 3.35 million carats, a year earlier.
Source: Petra Diamonds
It said in its production mix and diamond market review update that output is projected to rise to between 3 million and 3.3 million carats in FY 2024.
Production is expected to further rise in FY 2025 to between 3.6 million and 3.9 million carats.
The miner said projects are underway at Cullinan Mine in South Africa to optimise the orebody and mitigate the impact of C-Cut waste ingress.
It said steps were also undertaken at Finsch Mine, also in South Africa, to increase throughput, while production is expected to resume at Williamson Mine in Tanzania in the first quarter of FY 2024.
Meanwhile, Petra said it had so far realised $12.6 million from the sale of exceptional Cullinan diamonds in FY 2023.
The mine’s exceptional diamonds raked in $75.2 million in FY 2022.
Petra typically holds six tenders per year, but the number and timing remain flexible in response to market and other conditions, avoiding religious holidays, the festive season and the European summer
In FY 2023 it only held five tenders, with the sixth deferred from June until August, which is seasonally stronger.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
