Petra’s revenue increases as diamond market improves
Diamond miner Petra Diamonds’ revenue for the quarter ended March 31 – the third quarter of its 2021 financial year – increased by 16% year-on-year to $106-million, as prices recovered to pre-Covid-19 levels.
For the nine months ended March 31, revenue was $284.2-million, in line with that of the nine months to March 31, 2020.
Production for the quarter under review was lower year-on-year, at 704 498 ct, while output for the nine months, of 2.44-million carats, was also lower year-on-year.
Petra has interests in four operations: three underground mines in South Africa (Finsch, Cullinan and Koffiefontein) and one openpit mine in Tanzania (Williamson).
The miner has completed a capital restructuring to strengthen the balance sheet, with consolidated net debt reduced to $290.7-million as at March 31.
The company had unrestricted cash of $139.8-million at period end, with undrawn banking facilities available of $10.8-million.
Petra had diamond inventory valued at $75.5-million as at March 31.
“We are seeing encouraging signs of a recovery in the diamond market, supporting better pricing, reflected in the third-quarter revenue numbers. Post completion of the capital restructuring, Petra is in a far stronger position, with a solid platform for future growth and development.
“Production during the period reflected continued out-performance from Cullinan, with remedial action to address waste ingress at Finsch delayed as a result of excessive rainfall levels, which also negatively impacted Koffiefontein, while the Williamson mine remains on care and maintenance.
“We expect to see improved performance from Finsch as underground water ingress reduces and the remediation steps are implemented,” says CE Richard Duffy.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation