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Pin to quick picksPetra Diamonds Share News (PDL)

Share Price Information for Petra Diamonds (PDL)

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Share Price: 41.90
Bid: 41.00
Ask: 41.90
Change: -1.10 (-2.56%)
Spread: 0.90 (2.195%)
Open: 42.00
High: 43.00
Low: 40.00
Prev. Close: 43.00
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Petra Diamonds revenue falls due to lower diamond prices; output up

Tue, 16th Jan 2024 12:21

(Alliance News) - Petra Diamonds Ltd on Tuesday reported a decline in revenue despite an uptick in production and sales, as the price of diamonds fell.

The diamond mining group focused on southern Africa said revenue declined 9.3% to USD187.7 million in the six months to December 31, from USD207.1 million a year prior.

This is despite the company selling around 1.7 million diamonds, up 27% from 1.3 million. However, the price of diamonds contracted by around 13% on a like-for-like basis per carat. At the Finsch mine in South Africa, the average price fell by 18% to USD99 per carat from USD120 year-on-year. In the second quarter of financial 2024 compared to the first, it declined 9.6% to USD94 from USD104.

Looking ahead, Chief Executive Officer Richard Duffy said: "We remain on track to meet our FY 2024 production guidance of 2.9 to 3.2 million carats."

Duffy added, however, that output will be towards the lower end of the guidance range.

CEO Duffy continued: "While we are seeing encouraging indications of price recovery and some stabilisation in the rough diamond market, following actions taken by both producers and the mid-stream, we continue to adopt a cautious approach to the market in the near-term. Once completed, the additional headroom afforded by our increased revolving credit facility will enable us to continue our flexible sales approach and position ourselves to take advantage of any market improvements."

Petra Diamonds shares were 0.2% lower at 64.90 pence each on Tuesday afternoon in London.

By Tom Budszus, Alliance News slot editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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30 Nov 2022 09:20

Petra Diamonds confirms low risk of further breaches in Tanzania mine

(Alliance News) - Petra Diamonds Ltd on Wednesday said there is a low risk of further breaches at the tailings storage facility wall breach at the Williamson mine in Tanzania.

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Petra mulling next steps after assessing tailings dam breach

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IN BRIEF: Petra Diamonds says no fatalities at Williamson facility

Petra Diamonds Ltd - London-based diamond miner focused on South Africa and Tanzania - On Thursday confirms no fatalities or serious injuries at Tailings Storage facility wall breach at Williamson in Tanzania. Says three injuries of a minor nature have been reported and appropriate treatment has been provided. "The cause of the breach is not yet confirmed and an investigation is underway", Petra says.

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10 Nov 2022 14:48

Production at Petra Diamonds Williamson mine suspended for up to 3 months

(Sharecast News) - Petra Diamonds said on Thursday that production from the Williamson mine in Tanzania is expected to be suspended for up to three months following a wall breach and flooding at the tailings storage facility (TSF).

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9 Nov 2022 15:56

UK shareholder meetings calendar - next 7 days

Thursday 10 November 
ACP Energy PLCAGM
Alternative Income REIT PLCAGM
BHP Group LtdAGM
Ferro-Alloy Resources LtdAGM
London Finance & Investment Group PLCAGM
UIL LtdAGM
Friday 11 November 
88 Energy LtdGM re proposed resolutions vote
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Galliford Try Holdings PLCAGM
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Biffa PLCGM re proposed takeover by ECP
Craneware PLCAGM
Unicorn AIM VCT PLCAGM
Unicorn Mineral Resources PLCAGM
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Finsbury Food Group PLCAGM
GreenX Metals LtdAGM
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Litigation Capital Management LtdAGM
Marble Point Loan Financing LtdAGM
McBride PLCAGM
Petra Diamonds LtdAGM
Smiths Group PLCAGM
ThinkSmart LtdAGM
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

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Petra Diamonds halts production at Tanzania mine after wall breach

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