Revenue Down 30% at Petra's Latest Tender
February 18, 24
(IDEX Online) - Petra sold $47.8m of diamonds at its February tender, down 30 per cent on December 2023 ($67.9m).
Like-for-like prices increased by 4 per cent the company said, but average price per carat fell 15 per cent, from $131 to $112.
The UK-based miner said it achieved higher prices across all size categories except 5-cts to 10.8-cts, where prices were largely flat compared to the previous tender.
Average like-for-like prices were down 9.2% year-to-date compared to the equivalent four tenders of FY 2023.
Williamson - which has re-opened after a breach of its tailings dam in October 2022 - and Finsch both benefitted from an improved product mix compared to the previous tender, Petra said. Its loss-making Koffiefontein mine, in South Africa, has closed.
Total diamond sales at its Tender 4, earlier this month, were 428,860 carats, down 17 per cent on Tender 3, last December.
There was no revenue from exceptional stones ($15m-plus), although a 14.76ct blue diamond from Cullinan will be sold on a standalone tender basis later this month.
File pic courtesy Petra shows 424.89-cts 209.2-cts diamonds from Cullinan.