Petra reports improved third-quarter diamond production

April 19, 2023

BY: TASNEEM BULBULIA

“London-listed Petra Diamonds reported higher diamond production for the quarter ended March 31 – the third quarter of the company’s 2023 financial year – following improved run-of-mine (RoM) grades and tailings production at the Cullinan mine, in South Africa, and increased throughput at the Finsch mine, in South Africa, CEO Richard Duffy says.

He adds that the company expects to deliver on its revised guidance of 2.75-million to 2.85-million carats for the full-year to end June 30.

With the Williamson mine, in Tanzania, expected to resume production in the first quarter of financial year 2024, Duffy highlights that Petra is well positioned to increase production by about one-million carats to 3.6-million to 3.9-million carats in financial year 2025.

“The key mitigating actions initiated over the last six months have been successful and occurred against a backdrop of recently improved diamond pricing, which we largely attribute to a post-Covid-19 recovery in demand from China.

“We continue to expect a supportive diamond market in the medium to longer term as a result of the structural supply deficit, while noting potential volatility in the near-term owing to recent geopolitical and macroeconomic uncertainty,” Duffy outlines.”

Source: Mining Weekly

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