Petra Diamonds Ltd
LSE:PDL
Petra Diamonds Ltd
Petra Diamonds Ltd. engages in supplying rough diamonds to the international market. The firm's segments include Mining and Exploration. The Mining segment is engaged in the extraction and sale of rough diamonds from mining operations in South Africa and Tanzania. The Exploration segment focuses on exploration activities. Its portfolio incorporates underground pipe mines and an open cast mine. Its mines include Cullinan, Finsch, Koffiefontein and Williamson. The Cullinan mines provide diamonds mines in British crown jewels. The Finsch mines provide benefits to infrastructure, including modern processing plant. The Koffiefontein mine produces white stones. The Williamson mine is a diamond producer.
Petra Diamonds Ltd. engages in supplying rough diamonds to the international market. The firm's segments include Mining and Exploration. The Mining segment is engaged in the extraction and sale of rough diamonds from mining operations in South Africa and Tanzania. The Exploration segment focuses on exploration activities. Its portfolio incorporates underground pipe mines and an open cast mine. Its mines include Cullinan, Finsch, Koffiefontein and Williamson. The Cullinan mines provide diamonds mines in British crown jewels. The Finsch mines provide benefits to infrastructure, including modern processing plant. The Koffiefontein mine produces white stones. The Williamson mine is a diamond producer.
Revenue Growth: Revenue rose to $52 million for the quarter, up slightly from $50 million in the prior quarter, despite selling fewer carats.
Strong Diamond Prices: Average realized diamond price increased sharply to $110 per carat from $72 per carat last quarter, mainly due to an improved product mix at Cullinan Mine.
Operational Adjustments: Shift changes at Cullinan led to a 6% sequential reduction in throughput, while Finsch Mine saw throughput rise 32% year-on-year after its own shift transition.
Safety Improvements: Lost time injury frequency rate improved to 0.27 from 0.58, recording 8.5 years and 8.5 million shifts fatality-free.
Cost Discipline: Full-year on-mine cash costs dropped to $158 million from $173 million last year, reflecting restructuring and tighter cost control.
Refinancing Progress: The company expects to complete its refinancing and rights issue by late November, which will improve balance sheet flexibility.
Market Conditions: The diamond market remains subdued due to U.S. tariffs and weak China demand, but management notes signs of consumers returning to natural diamonds.
