Petra Diamonds Ltd - diamond mining in South Africa and Tanzania
Says production in third-quarter ended March 31 up 1% to 932,456 carats from 924,228 carats year before. Nine-month production up 2% to 3.0 million carats from 2.9 million. Says benefits of Project 2022 programme offset by Eskom load shedding in Q2 and Covid-19 lockdown in Q3. Revenue down 32% in Q3 to USD91.3 million from USD135.2 million year before. Nine-month revenue down 17% to USD285.2 million from USD342.4 million due to weaker prices and lower sales in March tender. Net debt on March 31 was USD601.0 million. Enters forebearance agreement with holders of USD650 million in 2022 notes to not make missed May 1 interest payment. South African operations to increase production as country eases lockdown to level-three alert on Monday. Williamson mine in Tanzania under care and maintenance until market conditions and rough diamond prices improve.
Current stock price: 1.90 pence.
12-month change: down 91%
By Tom Waite; thomaslwaite@alliancenews.com
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Petra Diamonds (PDL)