REG - Petra Diamonds Ltd - Initial sales results for 75% of Tender 2 FY 2024

Petra DiamondsAnnouncement

06/10/2023 07:00

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RNS Number : 9074O  Petra Diamonds Limited  06 October 2023

FOR IMMEDIATE RELEASE

 06 October 2023  LSE: PDL

 

Petra Diamonds

 

("Petra" or "the Company")

 

 

Initial sales results for 75% of Tender 2 FY 2024

 

In response to the recently announced two-month moratorium on diamond imports
to India commencing on 15 October 2023, Petra has brought forward its Tender 2
sales. In these initial tender results, 344,554 carats, representing c. 75% of
the total tender volume, have been sold for a total of US$30.2 million, at an
average price of US$88 per carat, including Williamson. These prices are 16 to
18% lower than prices achieved in Tender 1 FY2024 on a like-for-like basis,
reflecting prevailing market weakness.

The steps taken by major producers to curb supply to the market and the
two-month Indian moratorium are expected to bring some much needed stability
and support to the market and in turn prices. The Company's assessment of the
current market volatility and associated near-term uncertainty will be
reflected in our FY 2023 Annual Report and Accounts to be published on Tuesday
10 October 2023. In the medium to longer term, we continue to expect prices to
benefit from the structural supply deficit.

The sale of the remaining 25% of the volume of Tender 2 is scheduled to close
on or around 11 October 2023 and the full sales results of Tender 2 will be
released shortly thereafter.

This announcement includes inside information as defined in Article 7 of the
Market Abuse Regulation No. 596/2014 and is being released on behalf of Petra
by the Company Secretary.

 

~ Ends ~

For further information, please contact:

 

Petra Diamonds,
London                                         Telephone: +44
20 7494 8203

Patrick
Pittaway                                                          investorrelations@petradiamonds.com
(mailto:investorrelations@petradiamonds.com)

Julia Stone

Kelsey Traynor

 

Camarco (Financial PR)
                                         Telephone: +44
20 3757 4980

Gordon Poole
                                                          petradiamonds@camarco.co.uk

Owen Roberts

Elfie Kent

 

 

 

About Petra Diamonds Limited

Petra Diamonds is a leading independent diamond mining group and a supplier of
gem quality rough diamonds to the international market. The Company's
portfolio incorporates interests in three underground mines in South Africa
(Finsch, Cullinan Mine and Koffiefontein) and one open pit mine in Tanzania
(Williamson).

Petra's strategy is to focus on value rather than volume production by
optimising recoveries from its high-quality asset base in order to maximise
their efficiency and profitability. The Group has a significant resource base
which supports the potential for long-life operations.

Petra strives to conduct all operations according to the highest ethical
standards and only operates in countries which are members of the Kimberley
Process. The Company aims to generate tangible value for each of its
stakeholders, thereby contributing to the socio-economic development of its
host countries and supporting long-term sustainable operations to the benefit
of its employees, partners and communities.

Petra is quoted with a premium listing on the Main Market of the London Stock
Exchange under the ticker 'PDL'. The Company's loan notes due in 2026 are
listed on the Irish Stock Exchange and admitted to trading on the Global
Exchange Market. For more information, visit www.petradiamonds.com
(http://www.petradiamonds.com/) .

 

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