13% Hike in Petra's Rough Sales
July 18, 24(IDEX Online) - Petra reported a 13 per cent hike in sales in the year to the end of June but warned that "current diamond market weakness" would likely persist.
The UK-based miner said total revenue for FY 2024 was $366m, up from $324m.
It sold 3,158,780 carats in FY 2024, an increase of 36 per cent on 2,329,817 carats in the previous year. There was no contribution recorded from sale of exceptional stones - worth $15m or more.
"Current diamond market weakness is expected to continue through to the end of the calendar year with some price volatility," said CEO Richard Duffy in the company's Q4 and FY 2024 Operating Update.
"We expect diamond prices to show modest recovery in the new year with market fundamentals providing pricing support in the medium and longer-term."
Last month Petra outlined plans to increase annual production, especially at its Cullinan and Finsch mines, in South Africa, by almost a quarter over the next five years.
Its seventh and final tender cycle of FY 2024 yielded $38m (from the sale of 337 064 carats), down almost 14 per cent on its sixth tender in May. It sold $49m at its fifth tender, in April.
Pic courtesy Petra shows Finsch mine.