REG-Petra Diamonds: Q4 FY 2022 and FY 2022 Trading Update
19/07/2022 07:15
19 July 2022 LSE: PDL
Petra’s Q4 FY 2022 and FY 2022 Trading Update
Strong revenue growth and continued improvement in balance sheet
Petra announces its unaudited Trading Update for the fourth quarter
(“Quarter” or “Q4 FY 2022”) and financial year ending 30 June 2022
(“Year” or “FY 2022"). Petra will host calls at 09:30 and 16:00 BST
today, details of which can be found at the end of this statement.
Richard Duffy, Chief Executive Officer of Petra, commented:
“This year’s performance completes the successful turnaround of Petra and
includes the implementation of our new operating model, incorporating
continuous improvement, following the conclusion of Project 2022 which has
delivered improved efficiency, capital discipline and strong cash generation.
Progress on these fundamentals has enabled us to expand our focus to executing
our value-led growth strategy, including the two projects at Cullinan Mine and
Finsch, while incorporating our recently developed sustainability framework.
“We continued to deliver safe, robust operating performance into the fourth
quarter, recovering over 3.35Mcts for the year, in line with guidance, while
reducing our LTIFR by 52%. Total revenue increased to US$585.2 million,
benefiting from a combination of supportive diamond market fundamentals and a
41.5% increase in like-for-like diamond prices year on year, the reopening of
the Williamson mine and the recovery and sale of US$89.1 million of
Exceptional Stones. The subsequent strong free cash flow generated in FY 2022
highlights the successful conclusion of Project 2022 and has delivered an 82%
reduction in Consolidated Net Debt to US$40.6 million.
“We reaffirm our production and cost guidance through to FY 2025. An
increase in the lead-time for some capital items will shift some FY 2022 capex
to FY 2023 with no expected impact on the anticipated project timing or
overall capex spend. We are monitoring cost increases in our operations very
closely, but our relatively low fuel consumption, disciplined cost management,
three-year labour agreements to June 2024 and exposure to a weaker South
African Rand will assist us in better absorbing these cost pressures.
Petra’s enhanced operating model provides a platform for greater stability
and resilience, enabling further cash generation to fund our capex
requirements and support further deleveraging.”
HIGHLIGHTS
Improved safety, production and sales
Unit Q4 FY 22 Q4 FY 21 Variance FY 22 FY 21 (1) Variance
LTIFR - 0.28 0.35 20% 0.21 0.44 52%
LTIs Number 5 5 - 14 25 44%
Ore processed Mt 3.1 2.0 55% 11.7 8.1 44%
Diamonds recovered Carats 745,790 794,952 (6%) 3,353,670 3,240,312 3%
Diamonds sold Carats 1,205,240 1,178,474 2% 3,536,316 3,960,475 (11%)
Revenue from diamond sales US$m 178.8 122.8 46% 584.1 406.9 44%
Note 1: For comparative purposes the FY 21 production and revenue figures
have been restated to include Williamson as it is no longer a discontinued
operation
Strong revenue growth with improved safety
* LTIFR improved 20% to 0.28 for the Quarter and 52% to 0.21 for the Year
* LTIs flat for the Quarter at 5 and improved 44% to 14 for the Year
* Production for the Quarter was down 6% to 745,790 carats largely due to
lower tonnes treated at Cullinan Mine following depletion of the current CC1E
mining area and the makeup of kimberlite in the C-Cut, while production for
the Year increased 3% to 3,353,670 carats, largely owing to the resumption of
mining at Williamson
* FY 2022 total revenue amounted to US$585.2 million (FY 2021: US$406.9
million), comprising revenue from diamond sales of US$584.1 million (FY 2021:
US$406.9 million) and additional revenue from profit share agreements of
US$1.1 million (FY 2021: nil)
* FY 2022 revenue from diamond sales 44% higher at US$584.1 million driven by:
* Improved rough diamond market fundamentals, with like-for-like prices
increasing 41.5% compared to FY 2021 as a result of record jewellery retail
demand out of the US following the easing of COVID-19 restrictions
* The sale of a high number of Exceptional Stones 1 recovered from Cullinan
Mine and one from Williamson which contributed a record US$89.1 million
compared to US$62.0 million in FY 2021; this compares to an average
contribution from Exceptional Stones of US$50.7 million and US$39.2 million
over 3 and 5 years, respectively
* During the Quarter, polished stones cut from the 18.30ct Type II blue
partnership stone were sold, with the most notable stone being a 7.09ct
radiant cut stone which sold for US$5.8 million. Petra sold the 18.30ct rough
diamond in August 2021 into a partnership for US$3.5 million, while retaining
a 50% share of profits. The final polished stones realised a net profit to the
partnership of US$2.13 million, contributing additional revenue of US$1.065
million for Petra’s 50% profit share recognised in Q4 FY 2022 and FY 2022
Balance sheet further strengthened
* Balance Sheet as at 30 June 2022: * Consolidated net debt 2 of US$40.6
million (31 March 2022: US$107.0 million), reflecting strong free cash flow
generation over the Quarter
* Gross cash of US$288.2 million (31 March 2022: US$249.2 million) and
unrestricted cash of US$271.9 million (31 March 2022: US$233.2 million)
Diamond debtors and inventory
* Diamond debtors of US$37.4 million (31 March 2022: US$nil) with the increase
reflecting the timing of Tender 6 at the end of the Year. The outstanding
debtor balances were received shortly after year-end
* Diamond inventory valued at US$53.5 million (31 March 2022: US$98.1 million)
Production and cost guidance reiterated
Key operational guidance
Unit FY 22 FY 23E FY 24E FY 25E
Total carats recovered Mcts 3.3 – 3.6 3.3 – 3.6 3.3 – 3.6 3.6 – 3.9
Cash on-mine costs and G&A (1) US$m 300 – 310 300 – 320 300 – 320 300 – 320
Expansion capex (1) US$m 34 – 36 115 – 125 125 – 135 115 – 120
Sustaining capex (1) US$m 17 – 19 33 – 36 30 – 32 26 – 28
Note 1: Opex and Capex guidance is stated in FY 22 real terms and based on an
exchange rate of ZAR15 / USD1.
More detailed guidance is available on Petra’s website at
https://www.petradiamonds.com/investors/analysts/analyst-guidance/
* Petra reiterates the detailed guidance provided for the FY 2023 to FY 2025
period (null)
* Delivery of certain capital items planned for FY 2022 was deferred largely
due to increased lead-times. As a result, around US$12 million of capex that
was due to be incurred in FY 2022 is now expected to be incurred in FY 2023. A
corresponding adjustment has been made to expansion and sustaining capex
guidance for FY 2023 with no expected impact on the anticipated project timing
or overall capex spend
Outlook
The operational improvements we have made provide a platform for greater
stability and resilience, enabling further cash generation to fund capex and
supporting further deleveraging.
We closely monitor the current macro-economic uncertainties, particularly the
impact of inflation on our cost base, the war in Ukraine and sanctions on
Russian producers, as well as the ongoing implications of COVID-19. The
backdrop of structural changes to the supply and demand fundamentals in the
diamond market remains unchanged and we anticipate it to remain supportive
going forward, although there may be some volatility in the short to medium
term.
CONFERENCE CALLS
09:30 and 16:00 BST today
Petra’s Chief Executive, Richard Duffy, and Chief Financial Officer, Jacques
Breytenbach, will host calls today to discuss this trading update at 09:30 and
16:00 BST.
Registration for calls:
United Kingdom 0800 640 6441
United Kingdom (Local) 020 3936 2999
United States (Local) 1 646 664 1960
All other locations +44 20 3936 2999
09:30: Access code: 763203
16:00: Access code: 834604
Press *1 to ask a question, *2 to withdraw your question, or *0 for operator
assistance.
Link for recording (available later today):
https://www.petradiamonds.com/investors/results-reports/
FURTHER INFORMATION
Please contact
Petra Diamonds,
London
Telephone: +44 207 494 8203
Jill Sherratt
investorrelations@petradiamonds.com
Patrick Pittaway
Julia Stone
REVIEW
Q4 and FY 2022 production and sales summary
Unit Q4 FY 22 Q4 FY 21 Variance FY 22 FY 21 Variance
Sales
Diamonds sold Carats 1,205,240 1,178,474 +2% 3,536,316 3,960,475 -11%
Revenue US$m 178.8 122.8 +46% 584.1 406.9 +44%
Contribution from Exceptional Stones US$m 5.7 9.5 -40% 89.1 62.0 +44%
Production
ROM tonnes Mt 3.0 1.9 +58% 11.3 7.7 +47%
Tailings & other tonnes Mt 0.1 0.1 - 0.4 0.4 -
Total tonnes treated Mt 3.1 2.0 +55% 11.7 8.1 +44%
ROM diamonds Carats 717,373 756,553 -5% 3,148,258 3,057,860 +3%
Tailings & other diamonds Carats 28,417 38,399 -26% 205,412 182,452 +13%
Total diamonds Carats 746,790 794,952 -6% 3,353,670 3,240,312 +3%
Strong revenue growth in a robust diamond market
The 44% growth in revenue from diamond sales to US$584.1 million for FY 2022
(FY 2021: US$406.9 million) was driven in part by the increased number of
Exceptional Stones sold, totalling US$89.1 million (FY 2021: US$62.0 million).
Revenue also benefited from a 41.5% increase in like-for-like diamond prices
in FY 2022.
Production benefiting from operational improvements and good safety
performance
Health and safety
Petra continued to improve safety performance through remedial actions and
behaviour-based intervention programmes and the Lost Time Injury Frequency
Rate (LTIFR) decreased 52% to 0.21 for the year (FY 2021: 0.44). Lost Time
Injuries (LTIs) were of low severity and mostly behavioural in nature and
Petra continues to target a zero-harm working environment.
Petra has implemented systems and strategies across all of its operations
aimed at preventing and
containing the spread of COVID-19 and continues its roll-out of vaccinations
for employees. In South Africa, 64% of the workforce have received
vaccinations, while at Williamson 15% of the workforce have been vaccinated.
Production and operations
FY 2022 production was in line with guidance, totalling 3,353,670 carats (FY
2021: 3,240,312 carats). The number of carats sold reduced by some 11%
compared to FY 2021 when significantly higher volumes were sold, mostly
off-tender, following the inventory build-up witnessed late in FY 2020 after
the initial COVID-19 outbreak.
Cullinan Mine continued its robust performance through FY 2022. Whilst the Q4
FY 2022 ROM production at Cullinan Mine was largely in-line with the previous
quarter, diamonds produced were 22% below the very strong Q4 FY 2021. This is
attributable to a lower ROM grade resulting from the higher grade CC1E not
contributing to Q4 FY 2022 production and a change in the ore make-up of the
C-Cut block cave footprint as the production progresses from SW to NE due to
cave maturity. However, production guidance for FY 2023 to FY 2025 remains
unchanged.
Whilst the previously reported waste ingress at Finsch has been largely
mitigated through the implementation of enhanced drill and blast and draw
controls, this requires continuous management. This saw steady production
between Q3 and Q4 of FY 2022, with some reduction in ROM grade. The 24%
reduction in Q4 FY 2022 ROM grade against Q4 FY 2021 is largely attributed to
the significantly lower levels of ROM tonnes mined introduced in Q4 FY 2021 to
manage the waste ingress and improve grade. As previously mentioned we are
implementing the Business Re-engineering (BRE) Project at Finsch to match our
cost base to our revised production levels.
The BRE Project at Koffiefontein, which is independent of the disposal process
mentioned below, aims to provide for sustainable operations until the mine’s
closure and has resulted in a labour reduction process to align the operation
with the reduced tonnage profile. This process was concluded and the mine
started on a new shift configuration with the reduced labour structure on 30
June 2022.
Production includes Williamson’s throughput, having resumed production in
the first half of the year after an 18-month period of care and maintenance
since April 2020.
The recent increase in load shedding in South Africa is currently having
minimal impact on our operations. Our excess processing capacity at both
Cullinan Mine and Finsch allows us to reduce our processing energy draw to
meet the prescribed load curtailment requirements whilst maintaining mining at
full production and catching up on processing when conditions return to
normal.
Project 2022 has significantly exceeded its target of delivering over
US$100-150 million in net free cashflow between July 2019 and June 2022.
Current indications are that we have generated in excess of US$200 million of
net free cashflow. More importantly, the initiatives are now fully embedded in
our operating model to ensure that throughput, operational and capital cost
efficiencies and organisational design benefits are part of our culture of
continuous improvement. Although Project 2022 is now concluded, we expect to
continue to deliver improvements.
The diamond market
Despite significant global economic uncertainties resulting from the war in
Ukraine, like-for-like rough diamond prices increased 41.5% for the full year
to 30 June 2022, driven in particular by record jewellery retail demand in the
US. The most recent tender in June highlighted the strength of demand across
Petra’s product mix, both in white and coloured gem-quality stones, with
some increased demand for smaller diamonds. This growth in demand is driven by
mid-stream inventory restocking and continued strong jewellery retail sales
associated with a delayed wedding boom and a growing trend in diamonds being
given as meaningful gifts post COVID-19. While the diamond market is strong,
macroeconomic uncertainties caused by the rise in inflation are a potential
dampener of demand.
Strategic updates on Williamson Mine and Koffiefontein Mine
Williamson
As previously announced, the Framework Agreement between Petra and the
Government of Tanzania will become effective after a number of conditions are
satisfied, including obtaining various government approvals. The agreement,
which will result in the reduction of Petra’s indirect shareholding in
Williamson Diamonds Limited (WDL) from 75% to 63% and establish a sustainable
future for Williamson, is progressing and is now expected to become effective
in the first half of FY 2023.
Petra expects to further reduce its indirect shareholding in WDL from 63% to
31.5% via a sale to Caspian Limited but with Petra retaining a controlling
interest in WDL. The transaction remains subject to the parties first agreeing
definitive transaction agreements and then obtaining all necessary government,
regulatory and lender approvals which are also expected to be obtained in the
first half of FY 2023.
These agreements are in line with Petra’s objective of reducing its exposure
in Tanzania while retaining control and sharing in the upside.
Koffiefontein
In April, it was announced that Petra is seeking a responsible exit from its
investment in Koffiefontein. Petra has received non-binding, expressions of
interest from several interested parties which it is in the process of
evaluating.
In the event that a suitable buyer is not identified through this disposal
process, Petra remains committed to operate the mine responsibly in accordance
with its current life of mine plan, before proceeding with a decommissioning,
rehabilitation and closure programme.
Update on the Independent Grievance Mechanism and community projects at
Williamson
Petra has implemented remedial programmes and initiatives and is establishing
the Independent Grievance Mechanism (IGM) to address the historical
allegations of human rights abuses at Williamson. Engagements with the
Government of Tanzania and local stakeholders on the IGM are due to be
completed in the coming weeks and the focus will then shift to appointing the
various organs that will make up the IGM, with the current target for the IGM
to become operational remaining Q4 of CY 2022.
A number of other initiatives are being put in place to provide sustainable
benefits to the communities located close to the mine funded by the one
million pounds escrow account established by Petra. Having completed all
planned activities in Q1 CY 2022, the Gender Based Violence initiative is now
looking to implement various community action plans once they have been
reviewed by the District Commissioner. The medical services project has been
expanded to provide further services (beyond physiotherapy). Feasibility
studies for income generating projects (agriculture businesses and artisanal
mining) are also progressing and a radio programme to improve awareness and
understanding of the IGM and community projects amongst the local community
has been set up.
More information on the IGM, the community projects and illegal incursions
into the Williamson mine lease area can be found on Petra’s website at:
https://www.petradiamonds.com/our-operations/our-mines/williamson/allegations-of-human-rights-abuses-at-the-williamson-mine/.
Notes:
1. The following definitions have been used in this announcement:
1. Exceptional Stones: diamonds with a valuation and selling price of US$5m or
more per stone
2. cpht: carats per hundred tonnes
3. LTIs: lost time injuries
4. LTIFR: lost time injury frequency rate, calculated as the number of LTIs
multiplied by 200,000 and divided by the number of hours worked
5. Mcts: million carats
6. Mt: million tonnes
7. FY: financial year
8. Q: quarter of the financial year
9. ROM: run-of-mine (i.e. production from the primary orebody)
10. SLC: sub level cave
11. m: million
12. C-Cut: the ‘Centenary Cut’ located beneath the B block of the Cullinan
orebody
13. CC1E: the CC1 East area of the Cullinan orebody
ABOUT PETRA DIAMONDS
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 producing 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
of ca. 230 million carats, 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 US$336.7 million notes due in
2026 are listed on the Irish Stock Exchange and admitted to trading on the
Global Exchange Market. For more information, visit www.petradiamonds.com.
APPENDIX
Corporate and financial summary 30 June 2022
Unit As at 30 June 2022 As at 31 March 2022 As at 31 December 2021 As 30 June 2021
Cash at bank – (including restricted amounts)¹ US$m 288.2 249.2 272.3 173.0
Diamond debtors US$m 37.4 — 0.4 38.3
Diamond inventories (2,3) US$m Cts 53.5 453,380 98.1 914,402 79.6 819,252 56.5 637,676
US$336.7m loan notes (issued March 2021) (4) US$m 366.2 356.2 346.4 327.3
Bank loans and borrowings (5) US$m — — 78.6 103.0
Consolidated Net debt (6) US$m 40.6 107.0 152.3 228.2
Bank facilities undrawn and available (5) US$m 61.5 24.5 0.6 7.7
Note: The following exchange rates have been used for this announcement:
average for FY 2022 US$1: ZAR15.22 (FY 2021: US$1: ZAR15.41); closing rate as
at 30 June 2022 US$1: ZAR16.27 (30 June 2021: US$1: ZAR14.27).
Notes:
1. Cash at bank and diamond inventories include balances at Williamson as at
30 June 2022 and 31 March 2022 following the Company entering into the MoU
with Caspian during December 2021. Comparatives for 31 December 2021 and 30
June 2021 have been adjusted to include balances attributable to Williamson.
2. Recorded at the lower of cost and net realisable value.
3. Diamond inventories includes the Williamson 71,654.45 carat parcel of
diamonds blocked for export during August 2017, with a carrying value of
US$11.8 million. Under the framework agreement reached with the Government of
Tanzania, as announced on 13 December 2021, the proceeds from the sale of this
parcel are required to be allocated to Williamson.
4. The US$336.7 million loan notes have a carrying value of US$366.2 million
which represents the gross capital of US$336.7 million of notes, plus accrued
interest and net of unamortised transaction costs capitalised, issued
following the capital restructuring (the “Restructuring”) completed during
March 2021.
5. Bank loans and borrowings represent amounts drawn under the Group’s
refinanced South African bank facility with ABSA, completed in June 2022.
The new facility with ABSA comprises a ZAR1 billion (US$61.5 million)
revolving credit facility which remains undrawn and available at 30 June 2022.
During the Period, the South African banking facilities held with the
Group’s previous consortium of South African lenders were settled and
cancelled, comprising of the revolving credit facility of ZAR404.6 million
(US$24.9 million) (capital plus interest) and the term loan of ZAR893.2
million (US$54.9 million) (capital plus interest). .
6. Consolidated Net Debt is bank loans and borrowings plus loan notes, less
cash and diamond debtors.
Q4 and FY 2022 production and sales by mine
Cullinan Mine – South Africa
Unit Q4 FY 22 Q4 FY 21 Variance FY 22 FY 21 Variance
Sales
Revenue US$m 80.0 80.4 -1% 321.3 250.6 +28%
Diamonds sold Carats 617,677 715,032 -14% 1,899,011 2,261,058 -16%
Average price per carat US$ 129 112 +15% 169 111 +53%
ROM production
Tonnes treated Tonnes 1,090,897 1,220,351 -11% 4,451,515 4,614,802 -4%
Diamonds produced Carats 362,249 459,198 -21% 1,609,925 1,761,490 -9%
Grade (1) cpht 33.2 37.6 -12% 36.2 38.2 -5%
Tailings production
Tonnes treated Tonnes 62,844 118,327 -47% 413,550 445,538 -7%
Diamonds produced Carats 28,056 38,399 -27% 205,050 182,452 +12%
Grade (1) cpht 44.6 32.5 +38% 49.6 41.0 +21%
Total production
Tonnes treated Tonnes 1,153,741 1,338,678 -14% 4,865,065 5,060,339 -4%
Diamonds produced Carats 390,305 497,597 -22% 1,814,975 1,943,942 -7%
Note: 1. Petra is not able to precisely measure the ROM / tailings grade split
because ore from both sources is processed through the same plant; the Company
therefore back-calculates the grade with reference to resource grades.
Finsch – South Africa Unit Q4 FY 22 Q4 FY 21 Variance FY 22 FY 21 Variance
Sales
Revenue US$m 60.9 37.3 +63% 165.7 123.4 +34%
Diamonds sold Carats 467,195 441,744 +6% 1,402,654 1,602,312 -12%
Average price per carat US$ 130 84 +54% 118 77 +53%
ROM production
Tonnes treated Tonnes 650,670 528,139 +23% 2,730,197 2,311,195 +18%
Diamonds produced Carats 269,828 288,305 -6% 1,274,961 1,237,219 +3%
Grade (1) cpht 41.5 54.6 -24% 46.7 53.5 -13%
Tailings production
Tonnes treated Tonnes 2,784 0 +100% 2,785 0 +100%
Diamonds produced Carats 362 0 +100% 362 0 +100%
Grade (1) cpht 13.0 0 +100% 13.0 0 +100%
Total production
Tonnes treated Tonnes 653,454 528,139 +24% 2,732,982 2,311,195 +18%
Diamonds produced Carats 270,190 288,305 -6% 1,275,323 1,237,219 +3%
Note: 1. Petra is not able to precisely measure the ROM / tailings grade split
because ore from both sources is processed through the same plant; the Company
therefore back-calculates the grade with reference to resource grades.
Koffiefontein – South Africa
Unit Q4 FY 22 Q4 FY 21 Variance FY 22 FY 21 Variance
Sales
Revenue US$m 5.0 5.1 -1% 21.5 27.9 -23%
Diamonds sold Carats 10,043 21,698 -54% 36,950 66,650 -45%
Average price per carat US$ 500 233 115% 581 419 39%
ROM production
Tonnes treated Tonnes 73,194 130,214 -44% 466,957 754,369 -38%
Diamonds produced Carats 5,102 9,050 -44% 35,302 59,151 -40%
Grade cpht 7.0 7.0 0% 7.6 7.8 -4%
Total production
Tonnes treated Tonnes 73,194 130,214 -44% 466,957 754,369 -38%
Diamonds produced Carats 5,102 9,050 -44% 35,302 59,151 -40%
Williamson – Tanzania
Unit Q4 FY 22 Q4 FY 21 Variance FY 22 FY 21 Variance
Sales
Revenue US$m 33.3 0 +100% 75.9 4.6 1,564%
Diamonds sold Carats 110,386 0 +100% 197,756 30,339 552%
Average price per carat US$ 301 0 +100% 384 150 155%
ROM production
Tonnes treated Tonnes 1,231,082 0 +100% 3,591,099 0 100%
Diamonds produced Carats 80,194 0 +100% 228,070 0 100%
Grade cpht 6.5 0 +100% 6.4 0 100%
Total production
Tonnes treated Tonnes 1,231,082 0 +100% 3,591,099 0 100%
Diamonds produced Carats 80,194 0 +100% 288,070 0 100%
1 Petra classifies ‘Exceptional Stones’ as rough diamonds that sell for
US$5 million or more each
2 Stated after cash and diamond debtors
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