Petra Diamonds H1 Production Up, but Revenue Down

By IDEX Online Staff Reporter / January 27, 2020 / www.idexonline.com / Article Link

(IDEX Online) - Petra Diamonds Limited has announced that while its production for the six months ended December 2019 was up 3 percent to 2,070,240 carats (H1 FY 2019: 2,019,147 carats), revenue for the same period was down 6 percent. Revenue fell to $193.9 million from 1,743,807 carats (H1 FY 2019: $207.1 million from 1,736,357 carats).

The decline in revenue comes from lower diamond prices and the adverse product mix at Finsch and Williamson. This was, however, partially offset by the sale of the 20.08-carat blue diamond from Cullinan for $14.9 million.

The company is currently on track to meet or exceed its FY 2020 production guidance of ca. 3.8 Mcts.

In addition, Petra said it saw growing stability in pricing as the calendar year closed and that demand has continued to improve as the midstream looks to replenish inventory with early indications that rough pricing has improved modestly in the third quarter of 2020. .

Petra reported that its net debt as of December 31, 2019 stood at $596.4 million 

(September 30, 2019: $592.8 million). It also reported a diamond inventory of 992,425 carats valued at $85.2 million compared to $92.4 million for September 30, 2019.

Recent News

Gold stocks outperform, New Found Gold down on initial MRE

March 31, 2025 / www.canadianminingreport.com

Global Mining M&A sees moderate gain in 2024

March 31, 2025 / www.canadianminingreport.com

TSX/TSXV mining could continue to see strong equity capital raising 2025

March 24, 2025 / www.canadianminingreport.com

Gold stocks continue to outperform in move into defensives

March 24, 2025 / www.canadianminingreport.com

Gold stocks reach new highs

March 17, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok