Petra Diamonds Share News (PDL)

Petra Diamonds on track, sees signs of price stabilisation

(Sharecast News) - South Africa and Tanzania-focused diamond miner Petra said it remains on track to hit its full-year production guidance and reported "encouraging" signs of a recovery in prices after a tough year for the industry.

EARNINGS AND TRADING: abrdn Diversified Income to begin wind-down

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

IN BRIEF: Petra Diamonds signs deal for sale of Koffiefontein mine

Petra Diamonds Ltd - diamond mining group focused on southern Africa - Signs non-binding term sheet with an unnamed party for the sale of its Koffiefontein diamond mine in South Africa. The company has been considering an exit from the site since April 2022, and continues to move towards the mine's closure. A closure application is expected to be submitted to the South African Department of Mineral Resources & Energy in February 2024, which will only be withdrawn upon this potential sale's completion. The sale would also be subject to the consent of the DMRE. Petra says it is committed to ensuring the future owner "has the technical and financial capability to conduct operations in a responsible manner for all stakeholders".

SMALL-CAP WINNERS & LOSERS: Petrofac rises further; Petra shines

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.

Petra Diamonds revolving credit increase approved; diamond prices up

(Alliance News) - Petra Diamonds Ltd on Friday said the increase of its revolving credit facility has been approved, while also reporting a growth in diamond prices at its latest tender sale.

TRADING UPDATES: Petra Diamonds chair to retire

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and Monday and not separately reported by Alliance News:

IN BRIEF: Petra Diamonds CEO Duffy buys shares for total GBP128,194

Petra Diamonds Ltd - Southern Africa-focused diamond miner and supplier - Chief Executive Officer Richard Duffy buys 266,411 shares for total GBP128,194. Price range of shares vary from 45.65 pence each to 48.75p each.

UK shareholder meetings calendar - next 7 days

IN BRIEF: Petra Diamonds slashes spending in response to weak market

Petra Diamonds Ltd - Southern Africa-focused diamond miner and supplier - Cuts back capital expenditure plans for financial year 2024 by up to USD65 million, in response to diamond market weakness. Last month, Petra reported a 17% decline in prices at its second tender of stones for the financial year. The spending cuts include deferrals of work programmes at the Cullinan and Finsch mines in South Africa, as well as the deferral of USD3 million to USD5 million in sustaining capital expenditure compared to prior guidance. Petra also will cut operating costs by USD7 million to USD10 million. Petra is in talks with Absa Bank, part of Absa Group Ltd, in South Africa to increase its existing ZAR1 billion revolving credit facility by up to ZAR750 million, about USD40 million. A decision in-principle is expected during November.

Petra Diamonds deferring capital spending amid weaker pricing

(Sharecast News) - Petra Diamonds unveiled a series of strategic actions aimed at enhancing its financial resilience on Wednesday in response to challenges being posed by weaker diamond prices and market uncertainties.

EARNINGS AND TRADING: Robinson hit by Storm Babet, Altona loss widens

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Monday and Tuesday and not separately reported by Alliance News:

SMALL-CAP WINNERS & LOSERS: DFS Furniture rises on ScS takeover

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.

UK earnings, trading statements calendar - next 7 days

IN BRIEF: Petra Diamonds confirms prices down 17% in second tender

Petra Diamonds Ltd - Southern Africa-focused diamond miner and supplier - Reports full results of the second tender of financial year 2024. Sells 444,029 carats of diamonds for a total of USD40.5 million, down from 696,194 carats for USD79.3 million in tender 1, held in August. The recent sale includes 37,856 carats of diamonds from the Williamson mine in Tanzania, sold for USD7.7 million.

LONDON BROKER RATINGS: Stifel says hold S&N; JPM neutral on Deliveroo

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday: