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Petra Diamonds update onQ3 FY’2019 production and sales report

Mining News - Published on Mon, 22 Apr 2019

Image Source: Petra Diamonds
Petra Diamonds Limited announced production and sales report for the three month period 1st January 2019 to 31st March 2019 and the nine months ending 31 March 2019. Mr Richard Duffy, Chief Executive Officer, said “I have visited all of Petra’s operations and am impressed by the very capable teams and quality asset base, strongly reinforcing my initial views of the business. Our capital investment phase is largely over and we are well positioned to benefit from this as we move towards steady state operational performance. I am pleased with the incremental improvement in operational performance at Cullinan, Koffiefontein and Williamson and despite a challenging January, Finsch’s performance through February and March is as expected. Our focus remains on the delivery of free cash flow to reduce our net debt and generate future options for the Company.”

HIGHLIGHTS

Lost Time Injury Frequency Rate for the nine months to 31 March 2019 of 0.19 (FY 2018 YTD: 0.18)

Q3 production of 924,228 carats (Q3 FY 2018: 992,315 carats), reflecting increased production at Cullinan, Koffiefontein and Williamson, offset by lower production at Finsch

Production for the nine months to 31 March 2019 up 4% to 2,943,374 carats (FY 2018 YTD: 2,836,272 carats)

Production guidance of 3.8–4.0 million carats for FY 2019 maintained.

Installation of the remaining draw points across the footprint of the C-Cut Phase 1 block cave at Cullinan is progressing as planned, with completion expected during H1 FY 2020

With the progression across the C-Cut footprint, the incidence of larger stones is improving as demonstrated by the recovery of two +100 carats gem-quality stones during the Period

The 425.1 carat D colour Type II gem quality diamond recovered at Cullinan on 29th March 2019 is expected to be sold during Q4 FY 2019 as previously announced.

Q3 revenue decreased 7% to USD 135.2 million due to a 6% reduction in sales volumes to 1,061,343 carats sold (Q3 FY 2018: USD 145.7 million from 1,131,262 carats sold)

Revenue for the nine months to 31 March 2019 up 1% to USD 342.4 million from 2,797,700 carats sold (Q3 FY 2018 YTD: USD 337.4 million from 2,641,720 carats sold)

Rough diamond prices achieved during the two tenders in Q3 up ca. 1% on a like-for-like basis compared to prices achieved in H1 FY 2019.

Q3 FY 2019 Production and Sales – Summary
HeadingUnitQ3FY19Q3'FY18YoY9M'FY199M'FY18YoY
Sales
Diamonds soldCarats1,061,3431,131,262-6%2,797,7002,641,7206%
Gross revenueUS$M135.2145.7-7%342.4337.41%
Production
ROM tonnesMt3.4312%9.89.18%
Tailings & other tonnesMt0.30.4-22%1.31.216%
Total tonnes treatedMt3.73.47%11.110.29%
ROM diamondsCarats898,517955,333-6%2,845,2342,683,9596%
Tailings & other1diamondsCarats25,71136,982-30%98,140152,313-36%
Total diamondsCarats924,228992,315-7%2,943,3742,836,2724%
 

Other' includes alluvial diamond mining at Williamson.

Source :

Posted By : Rabi Wangkhem on Mon, 22 Apr 2019
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