Petra Diamonds' adjusted EBITDA, which is profit from mining activities minus adjusted corporate overheads, fell 59% to $113.1 million in FY 2023 from $277.8 million a year earlier.
The earnings fell due to lower production, Williamson being on care and maintenance for seven months, and fewer remarkable stones, slightly offset by a weaker South African Rand against the US Dollar.
Petra produced 2.67 million carats in FY 2023, down from 3.33 million in 2022.
The Williamson mine in Tanzania resumed production in July 2023 and ramped up ahead of expectations, stabilizing production in the second half.
Petra's FY 2023 revenue fell 42% to $325.3 million from $563.7 million.
The average realised price in FY 2023 was $139 per carat, down 14% from $161 in FY 2022 due to product mix, slightly offset by a 2% like-for-like price rise.
Petra sold 2,3 million carats in FY 2023, down 33% from 3,5 million a year earlier.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
