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Petra Diamonds sees revenues surge 48% to $114.9m

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Petra Diamonds has revealed its Q1 FY22 revenues increased by 48% during the three-month period ending 30 September.

It reported revenues of US$114.9m (£83.1m) compared to Q1 FY 2021 which was US$77.7m (£56.2m).

The company said this was driven by proceeds from the sale of Exceptional Stones during the quarter totalling US$50.2 (£36.3m). Diamond prices on a like-for-like basis are also up ca. 3% compared to Q4 FY 2021.

Additionally, the company’s diamond inventory for this quarter is valued at US$76.0m (£55m), compared to S$45.1m (£32.6) on 30 June 2021.

Production for Petra Diamonds also increased by 8% compared to the preceding quarter at a total of 861,991 carats.

In addition, the lost time injury frequency rate is also down 52%. Petra Diamonds said this reflects the “positive impact” of remedial actions and behaviour-based intervention programmes launched during FY 2021.

However, the company’s year-on-year production is down 12% which is “largely attributable” to Finsch’s high levels of production before the impact of the waste ingress and resultant planned decrease in throughput and grade to mitigate its impact from Q2 FY 2021.

Additionally, the end of the Quarter saw the Cullinan mine experience tunnel convergence in Tunnel 41, impacting 18 of a total 187 draw points.

Richard Duffy, chief executive of Petra Diamonds, said: “It is pleasing to see the improvement in our safety performance, which is due to the unrelenting focus of our team on striving for a zero-harm work environment. 

“The company has delivered a very strong revenue result due to the contribution of Exceptional Stone sales, supported by the continued strength in the diamond market.”

He added: “Production was lower than Q1 FY 2021, due to planned decreases in tonnages and grade as part of the strategy to mitigate the waste ingress at the Finsch mine, but a significant improvement over the previous quarter and remains on track to deliver full year guidance.”

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