High-Value Gems Boost Petra Sales

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High-Value Gems Boost Petra Sales
39.34-ct blue diamond

Petra saw revenue from its three South African mines rise by 48 per cent in the first fiscal quarter (Q1 FY 2022).

It was boosted by the sale of three extremely high-value stones for over $50m – almost half its $114.9m total income for the three months.

The London-based miner said it sold an exceptional 39.34-ct blue diamond for $40.18m a 342.92-ct Type IIa white diamond for $10m and an 18.30-ct Type IIb blue diamond for $3.5m. Petra has retained a 50% interest in the profit uplift of the 342.92-ct stone.

Production for Q1 FY 2022 was 861,991 carats, an increase of eight per cent on the preceding quarter, but 12 per cent down on Q1 FY 2021.

Petra blamed “planned decreases in tonnages and grade as part of the strategy to mitigate the waste ingress at the Finsch mine”.

The trading update excludes Williamson, the mothballed mine in Tanzania in which Petra holds a 75 per cent stake.

The deposit has been classified as “an asset held for sale for financial reporting purposes”.

In March Petra Diamonds concluded a debt-for-equity restructuring to secure its future, after failing to attract a buyer for its three mines in South Africa.

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