REG-Petra Diamonds: Trading Update for the Six Months ended 31 December 2020
19/01/2021 07:05
19 January 2021 LSE: PDL
Petra Diamonds Limited
("Petra" or the "Company" or the “Group”)
Trading Update for the Six Months ended 31 December 2020
Petra Diamonds Limited announces the following Trading Update (unaudited) for
the six months ended 31 December 2020 (the “Period”, “H1 FY 2021” or
“H1”), ahead of the publication of the Company’s Interim Results for the
Period on 16 February 2021.
SUMMARY
* Lost Time Injury Frequency Rate (“LTIFR”) of 0.50 (H1 FY 2020: 0.22 and
FY 2020: 0.29) improved from 0.65 during Q1 FY 2021 due to the behaviour-based
intervention campaign in place to address this LTI trend and reinforce safe
workplace practices. The total number of injuries during the Period, which
includes LTIs, reduced to 19 (H1 FY 2020: 24).
* H1 production down 16% to 1,740,862 carats (H1 FY 2020: 2,070,240 carats),
mainly as a result of the Williamson mine in Tanzania remaining on care and
maintenance. Increased production at Cullinan was offset by decreased
production at Finsch due to waste ingress in a number of the upper levels of
the Block 5 Sub Level Cave, negatively impacting the recovered grade, and
corrective measures to address the waste ingress restricting the volume of ROM
tonnes being mined.
* H1 revenue down 8% to US$178.1 million from 1,712,797 carats sold (H1 FY
2020: US$193.9 million from 1,743,807 carats sold) with the US$40.4 million
proceeds from the Letlapa Tala Collection of blue diamonds offset by weaker
prices following the COVID-19 outbreak and the deferral of sales to January
2021 of some 382 kcts yielding US$30.5 million at the Company’s first tender
of 2021, which closed on 15 January 2021. Diamond pricing on a like-for-like
basis increased by a further 8% at this tender, confirming that pricing has
now returned to pre-COVID-19 levels.
* The Cullinan mine produced a 299 carat Type IIa white gem-quality diamond in
January 2021; this stone is expected to be sold during the Company’s next
tender in February 2021. This is the third largest high quality white diamond
recovered at the mine since Petra acquired its stake in 2008, after the 507
carat Cullinan Heritage and the 424 carat Legacy of the Cullinan Diamond Mine.
A photo of the 299 carat diamond can be viewed at
https://www.petradiamonds.com/media/image-library/diamonds/.
* Diamond inventory of 1,385,402 carats valued at US$103.6 million at Period
end (30 September 2020: US$90.2 million).
* Consolidated net debt at 31 December 2020 of US$695.5 million (30 September
2020: US$687.8 million).
* Unrestricted cash of US$92.3 million (30 September 2020: US$49.3 million),
with the Company’s banking facilities remaining fully drawn.
* ZAR/USD exchange rate volatility continued during the Period, averaging
R16.27/USD1 and closing the Period at ZAR14.69/USD1. The continued weakness in
ZAR/USD levels partially offset some of the price weakness realised through
diamond sales.
Capital Restructuring
* A number of milestones have now been passed with regards to the successful
implementation of the Company's proposed capital restructuring and associated
debt for equity swap, including the approval of the Scheme by 100% of votes
cast at the Scheme Meeting on 8 January 2021 and the approval of the
associated allotment of new shares by 95% of votes cast by shareholders at the
Company’s Special General Meeting on 13 January 2021, paving the way for the
restructuring to complete during January / February 2021, provided the
requisite regulatory approval is obtained. In December 2020 the Company
announced the prospective appointment of Mr. Matthew Glowasky to the Board as
a Non-Executive Director nominee appointed by Monarch Master Funding 2
(Luxembourg) S.à r.l., a holder of the Company’s US$650 million 7.25%
senior secured second lien notes due in May 2022 that is participating in the
debt for equity swap. Mr. Glowasky's prospective appointment to the Board is
subject to the successful implementation of the consensual capital
restructuring and a further announcement confirming the date on which he will
formally assume office will be made in due course.
Outlook
* The diamond market has continued to show improved demand for rough diamonds,
as evidenced by the recent strong sales from the majors De Beers and ALROSA,
further to continued robust demand from the midstream, following positive
consumer sales during the holiday retail season. There are expectations that
this improved demand will continue throughout Q1 CY 2021. However, the current
resurgence of COVID-19 in many countries poses a significant risk to the
logistics and timing of sales in H2 FY 2021.
* Due to the ongoing uncertainty around the impact of COVID-19, production
guidance for FY 2021 remains suspended. Furthermore, the Williamson mine
remains on care and maintenance, as has been the case since April 2020; this
situation remains under continual review.
* Project 2022 throughput targets have been impacted by reduced grade at
Finsch as a result of the increased waste ingress and reduced volumes to
manage the dilution, as mentioned above, and Williamson remaining on care and
maintenance for longer than initially planned. Although Cullinan remains on
track to deliver on its throughput stretch target for FY 2021, the impact of
reduced throughput at Finsch and Williamson is expected to lower the
annualised contribution of the throughput initiatives from some US$101 million
by the end of FY 2021, as previously disclosed, to around US$70 million. Any
longer term impact of increased waste ingress at Finsch will be clarified as
part of the current life of mine (“LOM”) planning process. Petra continues
to expect the Project 2022 cost saving initiatives to deliver an annualised
contribution of ca. US$22 million from the end of Q3 FY 2021.
* The Company is aware of media reports suggesting that the parcel of 71,654
carats of diamonds from the Williamson mine in Tanzania, which was blocked for
export in September 2017, has been nationalised. To date the Company has not
received any communication from the Government of Tanzania about this matter
and Williamson Diamonds Limited, the owner and operator of the Williamson
mine, has written to the Minister of Minerals requesting an update on the
status of the Parcel.
* The Company’s Tunajali Committee, comprised entirely of independent
Non-Executive Directors, will undertake a review of the output of the external
investigation into the alleged breaches of human rights at the Williamson mine
and will make recommendations to address any findings. The Company intends to
make a further announcement on these issues by the end of March 2021.
H1 FY 2021 Sales, Production and Capex – Summary
Unit H1 FY 2021 H1 FY 2020 Variance FY 2020
Sales
Diamonds sold Carats 1,712,797 1,743,807 -2% 2,895,497
Gross revenue US$M 178.1 193.9 -8% 295.8
Production
ROM tonnes Mt 4.2 7.0 -40% 11.5
Tailings & other (1)tonnes Mt 0.2 0.5 -60% 0.8
Total tonnes treated Mt 4.4 7.5 -41% 12.3
ROM diamonds Carats 1,644,846 1,995,512 -18% 3,442,593
Tailings & other (1)diamonds Carats 96,016 74,728 +28% 146,583
Total diamonds Carats 1,740,862 2,070,240 -16% 3,589,176
Capex
Expansion US$m 6.3 15.9 -60% 21.8
Sustaining US$m 2.3 9.7 -76% 14.6
Borrowing costs capitalised US$m 0.0 0.0 - -
Total US$m 8.6 25.6 -66% 36.4
1. 'Other' includes alluvial diamond mining at Williamson.
Richard Duffy, Chief Executive of Petra Diamonds, commented:
“We are living through a time of great uncertainty as a result of COVID-19,
which has put considerable pressure on the business and all of our employees.
I am grateful for the continued fortitude and resilience of our entire Petra
team in the face of this challenge and extend our sincerest condolences to the
families and friends of the four employees who have tragically lost their
lives to COVID-19.
I am delighted that we have now secured the support of our noteholders,
lenders and shareholders for the proposed restructuring of the Group’s
balance sheet, which will formally complete in the coming weeks following the
receipt of the requisite regulatory approval. This marks a significant
milestone in putting the Company on a sustainable footing going forward. The
improvement in the market, with prices from our January sale now back at
pre-COVID levels, is very encouraging and will provide some support as we look
to optimise the value of our asset base.
Our operations in South Africa, and Cullinan in particular, continue to
perform well despite emerging operational challenges at Finsch, resulting from
waste ingress, that has negatively impacted on its carat production.
Mitigation plans have been developed and are currently being implemented to
address this. Williamson remains under care and maintenance and we are
considering various options to resume mining operations.”
COMMENTARY
Health and safety
* Group LTIFR of 0.50 (H1 FY 2020: 0.22 and FY 2020: 0.29), improving from
0.65 for Q1 FY 2021. The majority of the accidents in H1 FY 2021 continued to
be behavioural in nature. Considerable focus is being placed on reinforcing
safe behaviour and continuous improvement in striving for a zero harm working
environment. The total number of injuries during the Period, which includes
LTIs, reduced to 19 (H1 FY 2020: 24).
* The COVID-19 pandemic poses a significant risk to the health and safety of
the Group’s workforce. Whilst the majority of those who contract the virus
may be asymptomatic or may only experience mild symptoms, a number of people
(especially those with comorbidities) may become seriously ill or the virus
may prove fatal. Whilst Petra has implemented systems and strategies aiming to
prevent and/or contain the spread of the virus at its operations, the
widespread prevalence and highly infectious nature of the virus has meant that
290 employees to date have been confirmed COVID-19 positive at the South
African operations as at 15 January 2021, and of these 240 have fully
recovered. Although the majority of those affected are only experiencing mild
symptoms, the Company has tragically lost four colleagues as a result of
COVID-19.
* More information about the Company’s response to the pandemic can be
accessed here:
https://www.petradiamonds.com/sustainability/health-and-safety/our-response-to-covid-19/.
* There have been no cases of COVID-19 confirmed at the Williamson mine in
Tanzania to date.
Production
* Overall carat production decreased 16% to 1,740,862 carats (H1 FY 2020:
2,070,240 carats), with Cullinan’s outperformance offsetting lower
production at Finsch, lower production from Koffiefontein and no contribution
from Williamson (H1 FY 2020: 222,351 carats), which remains on care and
maintenance.
* Cullinan’s overall carat production increased by 13% to 1,009,642 carats
(H1 FY 2020: 889,787 carats) due to ROM production increasing by 7% to 913,626
carats (H1 FY 2020: 855,371 carats) in line with Project 2022 throughput
targets. Tailings production increased by 179% to 96,016 carats in line with
the mine plan (H1 FY 2020: 34,416 carats). The higher ROM carat production was
largely driven by an increased volume treated of 2,339,473 tonnes (H1 FY 2020:
2,295,197 tonnes) at a ROM grade of 39.1 cpht (H1 FY 2020: 37.3 cpht).
* Finsch’s overall carat production decreased by 24% to 695,308 carats (H1
FY 2020: 913,557 carats) due to ROM carat production decreasing by 21% to
695,308 carats (H1 FY 2020: 880,707 carats) further to a 14% decrease in the
volume treated of 1,323,000 tonnes (H1 FY 2020: 1,534,256 tonnes) and an 8%
decrease in the ROM grade to 52.6 cpht (H1 FY 2020: 57.4 cpht). ROM volumes
mined in H1 were impacted by the expiry of the temporary continuous operations
arrangement, which was reinstated during October 2020 and will remain in place
until June 2021.
As announced on 22 December 2020, the Finsch mine has experienced higher than
expected levels of waste ingress in a number of the upper levels of the Block
5 Sub Level Cave, which has served to negatively impact the recovered grade.
The Company has been going through a detailed exercise to better understand
this issue and has put a plan in place to mitigate the impact. In the short
term, this will include a revision to the draw strategy to limit planned draw
tonnage for the next four months, a build-up of inventory rings to allow for
increased blasting from March 2021, and a change to the drill and blast
designs to optimise ore extraction. In the longer term, the Company will also
investigate ore mixing programmes to better assist with the prediction of
waste ingress. A combination of the reduced ore tonnage extraction (further to
the dilution caused by the waste material ingress) and a lower grade is
expected to lead to Finsch’s production for FY 2021 being ca. 15% lower in
carat volumes than the Company’s internal plan.
During H1 FY 2021, the areas surrounding the Finsch mine experienced above
average rainfall. Due to the excessive amount of rainfall and an influx of
water into the pit, pit wall failures were experienced on the northern side of
the pit. These failures have not impacted production to date, but they may
have a future impact on the stability of the decline from surface which also
serves as the second escape route from the underground operations. Measures to
mitigate the impact on the second escape route are being put in place and
include the re-commissioning of a temporary hoisting facility from surface
down to the 70 level.
* Koffiefontein’s production decreased 19% to 35,912 carats (H1 FY 2020:
44,545 carats), with treatment from underground ore mined during the Period
supplemented by some 76,000 tonnes of ROM material stockpiled during Q4 FY
2020 further to the COVID-19 lockdowns; the ROM stockpile was largely depleted
during H1 FY 2021.
* The Williamson mine in Tanzania remained on care and maintenance during H1
FY 2021.
Project 2022 Update
* Project 2022 throughput ideas continue to remain the largest contributor
towards the operational cash flow benefits and Cullinan is on track to deliver
on its throughput stretch target for FY 2021, having met the H1 recovered
carats stretch target of 1 million carats. However, the higher than expected
levels of waste ingress at Finsch is having a detrimental impact on throughput
benefits due to both lower grade and volume. The extended state of care and
maintenance at Williamson is also inhibiting throughput ideas, with operations
being suspended. The expected impact of the reduced throughput at Finsch and
Williamson indicates a reduction in the annualised contribution of the
throughput initiatives from some US$101 million by the end of FY 2021, as
previously disclosed, to around US$70 million.
* The targeted contribution from cost efficiencies remains at an annualised
US$22 million from the end of Q3 FY 2021.
* The Organisational Design (“OD”) project progressed to implementation,
with the adoption of a top-down phased approach starting with Group functions
through to the roles at operations. Alignment of the organisational structures
to support the operating model and a total review of role titles and role
profiles are nearing completion. The grading committee is at an advanced stage
with the grading of Group function roles and aims to have the subsequent
layers completed by June 2021. There is also progress to align incentive and
production bonus schemes to support and reward delivery of our Project 2022
targets across the Group.
Diamond market and sales
* The diamond market has continued to show improved demand for rough diamonds,
as evidenced by the recent strong sales from the majors De Beers and ALROSA,
further to continued robust demand from the midstream, following positive
consumer sales during the holiday retail season. There are expectations that
this improved demand will continue throughout Q1 CY 2021. However, the current
resurgence of COVID-19 in many countries poses a significant risk to the
logistics and timing of sales in H2 FY 2021.
* In the retail market, whilst western markets were subdued, leading jewellers
experienced strong sales in China over the holiday period, as the economic
recovery on the mainland led to a resurgence of consumer demand for diamonds
and other luxury goods.
* Supply discipline by the major diamond producers in 2020 has played an
important role in moving towards more balance between supply and demand in the
midstream and remains a key factor in terms of the health of the market in
2021.
* Due to the impact of COVID-19 and the closure of the Argyle mine in
Australia in 2020 (which accounted for ca. 13 Mcts in 2019), rough diamond
production is forecast to have contracted significantly in 2020 and may
struggle to recover to pre-crisis levels.
Diamond Sales and Prices
* H1 revenue was down 2% to US$178.1 million from 1,712,797 carats sold (H1 FY
2020: US$193.9 million from 1,743,807 carats sold), with the US$40.4 million
proceeds from the Letlapa Tala Collection of blue diamonds offset by weaker
prices following the COVID-19 outbreak and the deferral of sales to January
2021 of some 382 kcts yielding around US$30.5 million through a tender which
closed on 15 January 2021.
* Like-for-like diamond prices at this tender increased by a further 8% and
have therefore largely recovered to pricing levels before the COVID-19
outbreak, barring the finer (smaller) goods, which only account for a small
portion of overall revenues.
* Prices achieved during H1 FY 2021 are set out in the table below:
Mine Actual H1 FY 2021 (US$/ct) Actual H1 FY 2020 (US$/ct) Actual FY 2020 (US$/ct)
Cullinan 120 112 98
Finsch 71 79 75
Koffiefontein 590 431 387
Williamson 150 184 177
* Pricing achieved in H1 was impacted by the carry-over of certain, mostly
lower-value parcels from FY 2020, which were subsequently sold during July
2020. The realised prices reflect the weaker market conditions offset by the
sale of the Letlapa Tala collection during the Period, positively impacting
Cullinan’s unit price, while Koffiefontein’s price also benefited from a
higher proportion of coarse material (larger diamonds) in the product mix.
* Despite the Williamson mine being on care and maintenance, it was possible
to include ca. 30,000 carats for sale in Q1 due to these diamonds being
withheld for sale in Q4 FY 2020.
Corporate and Financial
* A summary of the Group’s current cash, diamond inventories, debtors,
borrowings and net debt is set out below.
Unit 31 December 2020 30 September 2020 30 June 31 December 2019
2020
Closing exchange rate used for conversion R14.69:US$1 R16.73:US$1 R17.32:US$1 R13.99:US$1
Cash at bank US$m 106.3 63.4 67.6 53.6
Diamond inventories (1) US$m Carats 103.6 1,385,402 90.2 1,394,825 84.1 1,357,584 85.2 992,425
Diamond debtors US$m 3.7 19.1 4.8 12.8
US$650 million loan notes (including deferred coupon payments) US$m 697.1 673.6 673.6 650.0
Bank loans and borrowings US$m 61.2 53.8 52.0 0.0
Bank facilities undrawn and available US$m 0.0 0.0 0.0 107.2
Consolidated net debt (2,3) US$m 695.5 687.8 693.2 632.9
Notes:
1. Recorded at the lower of cost and net realisable value.
2. Consolidated Net Debt is bank loans and borrowings plus loan notes, less
cash, less diamond debtors and includes the Black Economic Empowerment
guarantees of ca. US$47.2 million (ZAR692.8 million) as at 31 December 2020
(ca. US$42.9 million (ZAR717.2 million) as at 30 September 2020 and ca.
US$40.0 million (ZAR693.6 million) as at 30 June 2020).
3. In terms of the Amendment Agreement entered into on 29 May 2020, Petra and
the South African lender group have agreed that covenant measurements will not
be undertaken for the period ending 31 December 2020.
The information communicated in this announcement is inside information for
the purposes of Article 7 of Regulation 596/2014. Upon the publication of this
announcement via a Regulatory Information Service, this inside information
will be considered to be in the public domain. The person responsible for
arranging for the release of this announcement on behalf of the Company is
Jacques Breytenbach, Finance Director.
Notes:
1. The production and financial results in this announcement are adjusted to
exclude the results of KEM JV, which has been reclassified as a discontinued
operation following the proposed disposal, announced in July 2018.
2. The following definitions have been used in this announcement:
1. cpht: carats per hundred tonnes
2. CY: calendar year
3. Kcts: thousand carats
4. Kt: thousand tonnes
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
~ Ends ~
For further information, please contact:
Petra Diamonds,
London
Telephone: +44 20 7494 8203
Cathy Malins
Des Kilalea
Marianna Bowes
investorrelations@petradiamonds.com
About Petra Diamonds Limited
Petra Diamonds is a leading independent diamond mining group and a consistent
supplier of gem quality rough diamonds to the international market. The
Company has a diversified portfolio incorporating interests in three
underground producing mines in South Africa (Finsch, Cullinan 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. 243 million carats, which supports the potential for long-life
operations.
Petra conducts all operations according to the highest ethical standards and
will only operate 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' and is a constituent of the FTSE4Good Index.
The Company’s US$650 million loan notes due in 2022, currently subject to
restructuring, are listed on the Global Exchange market of the Irish Stock
Exchange. For more information, visit www.petradiamonds.com.
APPENDIX – MINE BY MINE PRODUCTION TABLES
Cullinan – South Africa
Unit H1 FY 2021 H1 FY 2020 Variance FY 2020
Sales
Revenue US$M 107.3 81.7 +31% 116.5
Diamonds sold Carats 894,758 730,847 +22% 1,183,745
Average price per carat (1) US$ 120 112 +7% 98
ROM Production
Tonnes treated Tonnes 2,339,473 2,295,197 +2% 3,972,682
Diamonds produced Carats 913,626 855,371 +7% 1,482,482
Grade cpht 39.1 37.3 +5% 37.3
Tailings Production
Tonnes treated Tonnes 221,385 117,112 +89% 257,549
Diamonds produced Carats 96,016 34,416 +179% 95,918
Grade Cpht 43.4 29.4 +48% 37.2
Total Production
Tonnes treated Tonnes 2,560,858 2,412,309 +6% 4,230,231
Diamonds produced Carats 1,009,642 889,787 +13% 1,578,400
Capex
Expansion Capex US$m 5.2 10.0 -48% 13.0
Sustaining Capex US$m 0.7 2.0 -65% 3.4
Borrowing Costs Capitalised US$m 0.0 0.0 - 0.0
Total Capex US$m 5.9 12.0 -51% 16.4
Notes:
1. The Company 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 H1 FY 2021 H1 FY 2020 Variance FY 2020
Sales
Revenue US$M 54.8 61.7 -11% 101.1
Diamonds sold Carats 768,647 783,962 -2% 1,348,181
Average price per carat US$ 71 79 -9% 75
ROM Production
Tonnes treated Tonnes 1,323,000 1,534,256 -14% 2,719,389
Diamonds produced Carats 695,308 880,707 -21% 1,603,678
Grade (1) cpht 52.6 57.4 -8% 59.0
Tailings Production
Tonnes treated Tonnes 0 174,167 -100% 211,541
Diamonds produced Carats 0 32,850 -100% 39,890
Grade (1) cpht 0 18.9 -100% 18.9
Total Production
Tonnes treated Tonnes 1,323,000 1,708,423 -23% 2,930,930
Diamonds produced Carats 695,308 913,557 -24% 1,643,568
Capex
Expansion Capex US$m 0.8 4.2 -81% 6.1
Sustaining Capex US$m 0.5 1.4 -64% 2.3
Borrowing Costs Capitalised US$m 0.0 0.0 - 0.0
Total Capex US$m 1.3 5.6 -77% 8.4
Note:
1. The ROM / tailings grade split is theoretical and based on the resource
grades as ore from both sources is processed through the same plant.
Koffiefontein – South Africa
Unit H1 FY 2021 H1 FY 2020 Variance FY 2020
Sales
Revenue US$M 11.2 14.7 -24% 25.7
Diamonds sold Carats 18,944 34,163 -45% 66,326
Average price per carat US$ 590 431 +37% 387
ROM Production
Tonnes treated Tonnes 493,661 561,296 -12% 891,705
Diamonds produced Carats 35,912 44,545 -19% 69,077
Grade cpht 7.3 7.9 -8% 7.7
Total Production
Tonnes treated Tonnes 493,661 561,296 -12% 891,705
Diamonds produced Carats 35,912 44,545 -19% 69,077
Capex
Expansion Capex US$m 0.3 1.7 -82% 2.7
Sustaining Capex US$m 0.3 0.6 -50% 1.1
Total Capex US$m 0.6 2.3 -74% 3.8
Williamson – Tanzania
Unit H1 FY 2021 H1 FY 2020 Variance FY 2020
Sales
Revenue US$M 4.6 35.9 -87% 52.5
Diamonds sold Carats 30,339 194,835 -84% 297,245
Average price per carat US$ 150 184 -18% 177
ROM Production
Tonnes treated Tonnes 0 2,654,906 -100% 3,980,438
Diamonds produced Carats 0 222,351 -100% 287,356
Grade cpht 0 8.1 -100% 7.2
Alluvial Production
Tonnes treated Tonnes 0 198,698 -100% 302,567
Diamonds produced Carats 0 7,463 -100% 10,774
Grade cpht 0 3.8 -100% 3.6
Total Production
Tonnes treated Tonnes 0 2,853,604 -100% 4,283,005
Diamonds produced Carats 0 222,351 -100% 298,130
Capex
Expansion Capex US$m 0.0 0.0 0% 0.0
Sustaining Capex US$m 0.3 5.7 -95% 8.0
Total Capex US$m 0.3 5.7 -95% 8.0
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