Petra Diamonds Ltd
SWB:FPO
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.
Refinancing: Completed the group's refinancing in November and a $25 million rights issue, plus a new cash-or-equity mechanism for 2030 loan note interest to preserve liquidity flexibility.
Revenue: H1 revenue was $100 million (sale of ~964,000 carats) versus $115 million a year earlier (1.1 million carats), with timing of tenders and inventory build cited as the main reason.
Profit & impairments: Statutory net loss after tax of $90 million driven by impairment charges (Cullinan $106,000 and Finsch $51 million as stated); adjusted EBITDA improved to $26 million from $15 million.
Cash flow & liquidity: Operational free cash outflow of $6 million (improved from -$43 million the prior half); unrestricted cash $36 million and $11 million available on the RCF; no covenant breaches at period end.
Operations & product mix: Mines settled into new shift configurations, higher grades and improved product mix (notably at Cullinan), and an Exceptional 41.82 ct blue diamond recovered and being marketed with proceeds expected in H2.
FX sensitivity & hedging: Stronger rand helped costs in rand terms; average ZAR/USD 17.38 in H1 (closing 16.5). Management reiterated that an unmitigated ZAR 1 move equals ~$8–10 million EBITDA and ~$12–13 million operational free cash flow annually; H1 hedging delivered $6 million realized FX gains but may not repeat.
