Petra Second Tender of H1 2016 Realizes $86.2 Million

(IDEX Online News) – The sale of a 23.16-carat pink stone from the Williamson mine for $10.5 million boosted revenues from Petra Diamonds Limited’s second tender of H1 FY 2016 to $86.2 million. The results also included unsold parcels from the first tender of the year.

The company reported that all of the goods offered for sale were bought, with the exception of about 3,200 carats worth of goods, with an estimated value of approximately $166,000.

Whiles pricing on a like-for-like basis was flat in comparison to Petra’s first tender of FY 2016, the company said the expected improvement in product mix has favourably impacted the average value per carat achieved for each of its operations.

Rough diamond prices remain down approximately 9 percent for FY 2016 to date on a like-for-like basis compared to Petra’s actual results for Q4 FY 2015. However, the impact of this on Petra’s financial results has been mitigated by the significant weakening of the South African Rand – from ZAR12.21/$1 on June 30 to over ZAR15.00/$1 on December 10.