Petra Diamonds Limited has announced the final sales results of its fourth tender cycle of FY 2024. The company sold 428.9kcts for US$47.8 million, marking a 4.0% increase in like-for-like prices compared to the previous tender. These results exclude a 14.76ct exceptional blue gemstone recovered from the Cullinan Mine, which will be sold separately. The total revenue YTD FY 2024 from rough diamond sales is US$235.6 million, compared to US$278.5 million in the first four tenders of FY 2023, excluding Koffiefontein.
The average like-for-like rough diamond prices improved by 4.0% on Tender 3 FY 2024, with higher prices achieved across all size categories, except for the 5 to 10.8ct size range where prices remained flat. The balance of price movements is attributed to product mix, with both Williamson and Finsch benefiting from an improved product mix compared to the previous tender. The company's strategy is to focus on value rather than volume production by optimizing recoveries from its high-quality asset base to maximize efficiency and profitability.
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 includes interests in three underground mines in South Africa (Finsch, Cullinan Mine, and Koffiefontein) and one open-pit mine in Tanzania (Williamson). Petra strives to conduct all operations according to the highest ethical standards and only operates in countries that are members of the Kimberley Process. The company aims to generate tangible value for each of its stakeholders, contributing to the socio-economic development of its host countries and supporting long-term sustainable operations for the benefit of its employees, partners, and communities.