Petra Diamonds Ltd - Sales results for Tender 6 FY 2024
/
17 May 2024 LSE: PDL
( Petra or the Company )
Sales results for Tender 6 FY 2024
"Our sixth tender cycle yielded
Rough diamond sales results for the respective periods are set out below:
__________________________________________________________________________ | |Tender 6|Tender 5| |Tender 5|YTD |YTD | | | | | | | | | | |FY 2024 |FY 2024 |Variance|FY 20232|FY 2024 |FY 2023 | | | | | | | | | | |May-24 |Apr-24 | |May-23 |Tenders 1-6|Tenders 1-52| |_____________|________|________|________|________|___________|____________| |Diamonds sold|371,104 |362,132 |+2% |468,817 |2,821,716 |2,237,010 | |(carats) | | | | | | | |_____________|________|________|________|________|___________|____________| |Sales (US$ |44 |49 |-11% |42 |329 |316 | |million) | | | | | | | |_____________|________|________|________|________|___________|____________| |Average price|118 |136 |-13% |90 |116 |141 | |(US$/ct) | | | | | | | |_____________|________|________|________|________|___________|____________| |Revenue from | | | | | | | | | | | | | | | |Exceptional |0 |0 |0% |0 |0 |0 | |Stones1 | | | | | | | | | | | | | | | |(US$ million)| | | | | | | |_____________|________|________|________|________|___________|____________|
Note 1: Exceptional Stones are defined as rough diamonds that sell for
Note 2: Given revised tender timings, the comparative sales cycle in FY 2023 was Tender 5 which closed in
Sales
Total revenue YTD FY 2024 from rough diamond sales is
Mine by mine average prices for the respective periods are set out in the table below:
_______________________________________________________________ | |Tender 6|Tender 5| | | | | | | |YTD FY 2024|YTD FY 2023| | |US$/carat |FY 2024 |FY 2024 | | |FY 2023| | | | |Tenders 1-6|Tenders 1-5| | | |May-24 |Apr-24 | | | | |_____________|________|________|___________|___________|_______| |Cullinan Mine|124 |157 |117 |143 |139 | |_____________|________|________|___________|___________|_______| |Finsch |93 |95 |98 |110 |110 | |_____________|________|________|___________|___________|_______| |Williamson |183 |177 |198 |280 |280 | |_____________|________|________|___________|___________|_______|
Like-for-like prices
Like-for-like rough diamond prices decreased by 2.6% on Tender 5 FY 2024 which is largely ascribed to seasonal weakness being evident across virtually all size categories. Average like-for-like prices for the six tenders thus far in FY 2024 were down 8.6% year-to-date compared to the equivalent tenders of FY 2023.
Product Mix
The balance of price movements is attributable to product mix, with average prices per carat received being 13% lower than the previous tender, largely as a result of the 14.76ct exceptional colour and clarity blue diamond which sold for
Pricing Assumptions
Pricing assumptions for the remainder of the year remain unchanged.
_______________________ |US$ per carat|FY 2024 | |_____________|_________| |Cullinan Mine|105 - 125| |_____________|_________| |Finsch |95 - 110 | |_____________|_________| |Williamson |200 - 225| |_____________|_________|
Future diamond prices are influenced by a range of factors outside of Petra's control and so these assumptions are internal estimates only and no reliance should be placed on them. The Company's pricing assumptions will be considered on an ongoing basis and may be updated as appropriate.
FURTHER INFORMATION
Please contact
Investor Relations,
ABOUT PETRA DIAMONDS
Petra Diamonds is a leading independent diamond mining group and a supplier of gem quality rough diamonds to the international market. The Company's portfolio incorporates interests in three underground mines in
Petra's strategy is to focus on value rather than volume production by optimising recoveries from its high-quality asset base in order to maximise their efficiency and profitability. The Group has a significant resource base which supports the potential for long-life operations.
Petra strives to conduct all operations according to the highest ethical standards and only operates in countries which are members of the Kimberley Process. The Company aims to generate tangible value for each of its stakeholders, thereby contributing to the socio-economic development of its host countries and supporting long-term sustainable operations to the benefit of its employees, partners and communities.
Petra is quoted with a premium listing on the Main Market of the
[1] Like-for-like refers to the change in realised prices between tenders and excludes revenue from all single stones and Exceptional Stones, while normalising for the product mix impact
3983317_0.jpeg
![](https://rt.prnewswire.com/rt.gif?NewsItemId=0020&Transmission_Id=202405170200PR_NEWS_UKDISCLO_0020&DateId=20240517)