Petra's Annual Revenue Rises by 44%
July 20, 22
(IDEX Online) - Petra diamonds reports a year-on-year revenue leap of 44 per cent, driven by price hikes in the rough market and the resumption of work at its Williamson mine, in Tanzania.
The UK-based miner said prospects remained positive, despite short to medium volatility because of the war in Ukraine and sanctions on Russian producers and COVID-19.
Revenue for financial year ending 30 June 2022 was $584m, the company said in a trading update published yesterday.
It was boosted by a 41.5 per cent rise in like-for-like rough prices, compared to the previous year, and re-opening of its Williamson mine, which was last year classified as an "asset held for sale" prompting speculation that it could be sold.
In addition, Petra said it recovered and sold $89.1m of exceptional stones, including stones cut from 18.30ct Type II blue that sold for $3.5m (pictured).
Richard Duffy, Petra CEO, said: "We continued to deliver safe, robust operating performance into the fourth quarter, recovering over 3.35Mcts for the year, in line with guidance."