Petra Diamonds Ltd - Sales results for Tender 7 FY 2024
04 July 2024 LSE: PDL
( Petra or the Company )
Sales results for Tender 7 FY 2024
“Our seventh tender cycle yielded
In addition to the rough diamond sales mentioned above, we benefitted from the sale of three partnership stones, with Petra’s profit uplift totalling
Rough diamond sales results for the respective periods are set out below:
Tender 7 Tender 6 FY 2024 FY 2024 Variance FY 2024 FY 2023 Jun-24 May-24 Diamonds sold (carats) 337,064 371,104 -9% 3,158,780 2,329,817 Sales (US$ million) 38 44 -14% 366 324 Average price (US$/ct) 111 118 -6% 116 139
Sales
Total revenue from rough diamond sales for FY 2024 is
Mine by mine average prices for the respective periods are set out in the table below:
_______________________________________________ | |Tender 7|Tender 6| | | | | | | | | |US$/carat |FY 2024 |FY 2024 |FY 2024|FY 2023| | | | | | | | |Jun-24 |May-24 | | | |_____________|________|________|_______|_______| |Cullinan Mine|111 |124 |116 |139 | |_____________|________|________|_______|_______| |Finsch |93 |93 |98 |110 | |_____________|________|________|_______|_______| |Williamson |158 |183 |191 |280 | |_____________|________|________|_______|_______|
Like-for-like prices
Like-for-like rough diamond prices decreased by 3.8% on Tender 6 FY 2024 on the back of continued softness in demand for coarser goods, most notably in the
Product Mix
The balance of price movements is attributable to product mix, with overall average prices per carat received being 6% lower than the previous tender. In line with the previous two tender cycles, Williamson’s average price remained low due to a reduced prevalence of higher-value single stones. This reduced prevalence is ascribed to the mining areas currently being accessed and is expected to be temporary in nature.
Pricing Assumptions
Pricing assumptions for FY 2025 remain unchanged.
_______________________ |US$ per carat|FY 2025 | |_____________|_________| |Cullinan Mine|125 – 135| |_____________|_________| |Finsch |98 – 105 | |_____________|_________| |Williamson |200 – 225| |_____________|_________|
Future diamond prices are influenced by a range of factors outside of Petra’s control and so these assumptions are internal estimates only. Accordingly, no reliance should be placed on them. The Company assumes no responsibility to update these market pricing assumptions .
FURTHER INFORMATION
Please contact
Investor Relations,
ABOUT PETRA DIAMONDS
Petra Diamonds is a leading independent diamond mining group and a supplier of gem quality rough diamonds to the international market. The Company’s portfolio incorporates interests in three underground mines in
Petra's strategy is to focus on value rather than volume production by optimising recoveries from its high-quality asset base in order to maximise their efficiency and profitability. The Group has a significant resource base which supports the potential for long-life operations.
Petra strives to conduct all operations according to the highest ethical standards and only operates in countries which are members of the Kimberley Process. The Company aims to generate tangible value for each of its stakeholders, thereby contributing to the socio-economic development of its host countries and supporting long-term sustainable operations to the benefit of its employees, partners and communities.
Petra is quoted with a premium listing on the Main Market of the
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Like-for-like refers to the change in realised prices between tenders and excludes revenue from all single stones and Exceptional Stones, being rough diamonds that sell for
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