Petra's Revenue Halved at Tender 2
October 18, 23
(IDEX Online) - Petra saw revenue almost halved at its latest tender.
The UK-based miner sold a total of $40.5m at its Tender 2 (September/October), down 49 per cent on $79.3m at Tender 1 in August.
Three quarters of the goods by volume - 344,554 carats - were sold in September, ahead of the Indian moratorium (15 October to 15 December) for $30.2m.
The remaining 99,475 carats have now sold for $10.3m.
Like-for-like prices were down 17 per cent on the August tender, driven, said Petra by double-digit decreases in prices across all size categories.
The second part of Tender 2 included 37,856 carats from the Williamson mine in Tanzania, which has been closed since a breach of its tailings dam last October. They sold for $7.7m.
"We believe actions taken by major producers to curb supply and the two-month Indian moratorium will assist in bringing stability and support to the market and prices as inventory levels reduce," said CEO Richard Duffy.
"While we anticipate that prices will remain volatile throughout CY 2023 and possibly into CY 2024, we continue to expect prices to benefit in the medium to longer term as a result of the structural supply deficit."
Pic courtesy Petra Diamonds