Petra Diamonds Share News (PDL)

Petra Diamonds trims production guidance after earnings slide

(Sharecast News) - Shares in Petra Diamonds were sliding on Tuesday morning, after the company reported a decline in first-half revenue and earnings and lowered its production outlook for the full year.

IN BRIEF: Petra Diamonds reports drop in fourth tender sales

Petra Diamonds Ltd - diamond mining group focused on southern Africa - Says sales in its fourth tender declined. Sales in the period, which runs until February, total USD47.8 million, fall 30% from USD67.9 million in tender three which concluded in December. Tender 4 sales weaken by roughly a third year-on-year from USD72.1 million, it adds. The average price per carat declines 22% to USD112 in the most recent tender from USD143 a year prior.

SMALL-CAP WINNERS & LOSERS: XP Power plunges on revenue caution

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

Petra Diamonds sales rise slightly in fourth tender cycle of FY24

(Sharecast News) - Mining company Petra Diamonds said on Friday that sales had slightly grown in 2024's fourth tender cycle, principally driven by higher prices throughout the period.

UK earnings, trading statements calendar - next 7 days

Petra Diamonds revenue falls due to lower diamond prices; output up

(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.

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.