Petra Sales Up, Prices Down
September 26, 24
(IDEX Online) - Petra Diamonds reported increased sales for FY 2024, despite weak market conditions.
The UK-based miner said it had saved $75m by deferring capital expansion programs and sustainably reducing its cost base.
Revenue for the year was $367m, an increase of 13 per cent on FY 2023, according to its Audited Full Year 2024 Results, published on Tuesday (24 September).
"Petra demonstrated its agility in responding to a weaker pricing environment by building greater business resilience," said CEO Richard Duffy.
"We acknowledge the difficult market conditions through FY 2024 and believe that prices will stabilise through to the end of CY 2024 with some improvement expected in CY 2025."
Petra sold 3.2m carats of rough during the year - an increase of 36 per cent - but achieved lower average prices per carat, down 17 per cent to $116, attributable to a 12.4 per cent decline in like-for-like prices, as well as product mix movements.
Last month Petra today Petra canceled its August/September tender to restrict supply amid ongoing weak demand.
Goods from its Cullinan and Finsch mines, in South Africa, will be sold instead at its next tender, which is expected to close in mid-October.
Pic courtesy Petra shows the Finsch mine.