REG-Petra Diamonds: Trading Update
21/07/2021 07:05
21 July 2021 LSE: PDL
Petra Diamonds Limited
("Petra" or the "Company" or the “Group”)
FY 2021 Trading Update
Petra Diamonds Limited is pleased to provide the following unaudited trading
update for the year ended 30 June 2021 (the “Year”, the “Period” or
“FY 2021”).
FY 2021 Results & Outlook:
* Health & Safety: * The Group’s Lost Time Injury Frequency Rate for FY 2021
increased to 0.44 (FY 2020: 0.29). Remedial actions and various
behaviour-based intervention programmes were launched during the Year to
improve the trend
* Total injuries, including LTIs, in FY 2021 decreased to 42 (FY 2020: 45)
* Operations: * FY 2021 production of 3.24 Mcts (FY 2020: 3.59 Mcts) with
increased year-on-year performance at Cullinan offset by lower production at
Finsch and Koffiefontein, while Williamson remained on care and maintenance
* Record production of 1.94 Mcts at Cullinan
* Financials: * FY 2021 revenue up 38% to US$406.9m (FY 2020: US$295.8m)
driven by sales from Exceptional Stones (having a value of US$5m or more)
contributing US$60.2m during the Year (FY 2020: US$14.9m); the highest annual
contribution to revenues from the sale of Exceptional Stones
* Post Period end, the Company sold the 39.34 carat exceptional Type IIb blue
diamond recovered from the Cullinan Diamond Mine in April 2021 for US$40.2m
* Balance Sheet: * Consolidated net debt reduced by nearly two thirds to
US$241.2m at 30 June 2021 from US$700.4m at 31 December 2020 (31 March 2021:
US$290.7m) following completion of the capital restructuring in March 2021
* Unrestricted cash of US$156.9m at 30 June 2021 (31 March 2021: US$139.8m; 31
December 2020: US$92.4m) with an additional US$7.7m of undrawn banking
facilities
* Diamond debtors of US$38.3m at 30 June 2021 (31 March 2021: US$2.6m), given
the close proximity of the June 2021 tender to Year end, with debtors settling
shortly after Year end
* Diamond inventory valued at US$54.3m at 30 June 2021 (31 March 2021:
US$75.5m)
* The ZAR/USD exchange rate closed the Period at ZAR14.27/USD1 (FY2020:
ZAR17.32/USD1), with an average rate for FY2021 of ZAR15.41/USD1 (FY2020:
ZAR15.68/USD1)
* Outlook and FY 2022 guidance: * FY 2022 production guidance of 3.3 to 3.6
Mcts, with the South African operations estimated to contribute ca. 3.1 to 3.4
Mcts and Williamson, where plans are currently being refined to allow
operations to restart during Q1 FY 2022, estimated to add between 0.22 to 0.27
Mcts for the Year
* Discussions with the Government of Tanzania to reach agreement on various
issues at the Williamson mine are ongoing, with a view to being concluded
during Q1 FY2022. The Company also reports that US$10m ofa VAT refunds were
received from the Tanzanian Revenue Authority in two separate payments during
Q4 FY 2021
* Re-engineering projects initiated in July 2021 at Finsch and Koffiefontein
to comprehensively review and improve the mines’ cost bases and enhance
operating margins at current throughput levels
* Although the number of COVID cases have increased as a result of a third
wave of infections in South Africa, there has been a limited impact on our SA
operations
* The recent unrest and rioting in SA has to date not impacted our SA
operations nor the supplies to the operations and will continue to be closely
monitored
* FY 2022 capex guidance of US$78 to US$92m
FY 2021 Production, Sales and Capex – Summary
Unit FY 2021 FY 2020 Variance
Gross revenue US$M 406.9 295.8 +38%
Total tonnes treated Mt 8.1 12.3 -34%
Total diamonds recovered Carats 3,240,312 3,589,176 -10%
Total capex US$M 23.8 36.4 -35%
FY 2022 Production, Opex and Capex – Guidance
Cullinan Finsch Koffiefontein Williamson (from Q2 FY 2022) Total
Total carats recovered (Mcts) 1.70 - 1.90 1.32 - 1.40 0.06 - 0.07 0.22 - 0.27 3.3 - 3.6
ROM tonnes (Mt) 4.2 - 4.4 2.75 - 2.85 0.72 - 0.75 3.6 - 4.0
ROM grade (cpht) 37 - 39 48 - 50 8.0 - 8.5 6.2 - 6.7
Tailings tonnes (Mt) 0.44 0.07 - -
Tailings grade (cpht) 36 - 37 16 - 17 - -
Cash on-mine costs (1)(US$M) 95 - 105 90 - 98 30 - 34 52 - 56 267 - 293
Expansion Capex (1)(US$M) 37 - 41 13 - 16 0 - 1 - 50 - 58
Sustaining Capex (1)(US$M) 11 - 13 8 - 9 1 - 2 8 - 10 28 - 34
Notes:
1. Foreign exchange rate of ZAR14.50:USD1 used to calculate US$-equivalent
amounts for SA operations in the table above.
Richard Duffy, Chief Executive of Petra Diamonds, commented:
“The Petra team has navigated a difficult FY2021 by delivering credible
results whilst addressing numerous challenges around COVID-19 and the
completion of our capital restructuring. This makes Cullinan’s record
performance, driven by Project 2022, all the more noteworthy. We enter FY 2022
with a considerably strengthened balance sheet and a more supportive diamond
market than we have seen for some time.”
Conference Calls
Petra’s Chief Executive, Richard Duffy, and Finance Director, Jacques
Breytenbach, will host a conference call at 9:30am and at 4pm BST today to
discuss the Trading Update with investors and analysts. Please see below for
dial in details.
Trading Update
Health and safety
The Lost Time Injury Frequency Rate (LTIFR) for FY 2021 increased to 0.44 (FY
2020: 0.29). The LTIs during the Period were mostly behavioural in nature and
of low severity but are nevertheless concerning. A number of remedial actions
have been taken, and various behaviour-based intervention programmes launched,
which resulted in an improving trend during the Year. The total number of
injuries during FY 2021, which includes LTIs, decreased to 42 (FY 2020: 45).
Petra continues to target a zero-harm working environment.
COVID-19 continues to pose a significant risk to the health and safety of the
Group’s workforce. Petra has implemented systems and strategies across all
its operations aimed at preventing and/or containing the spread of the virus.
To date, there have been 589 confirmed cases amongst the Company’s
workforce. More information on the Company’s response to the pandemic is
available on its website:
https://www.petradiamonds.com/sustainability/health-and-safety/our-response-to-covid-19/.
Production and Operations
FY2021 production decreased 10% to 3,240,312 carats (FY 2020: 3,589,176
carats), notwithstanding record annual production from Cullinan, of 1.94Mcts.
As previously announced, production at Finsch was impacted by unexpected
levels of waste ingress during Q2 FY 2021, with subsequent mitigating measures
reducing throughput during the second half of the Year. In addition,
production at both Finsch and Koffiefontein was impacted by the high level of
rainfall during the third quarter. These factors, combined with the Williamson
mine remaining on care and maintenance throughout FY 2021, resulted in the
Group’s ROM tonnages for the Year decreasing by 33% to 7.7Mt (FY2020:
11.5Mt).
Diamond market
Positive demand for rough diamonds continued in Q4 FY 2021 driven by strong
consumer demand in the key retail markets, notably the US and China, coupled
with low inventories and the return of capacity in the midstream in India.
Demand was also supported by upstream supply discipline and shortages in some
areas.
Demand for rough diamonds is expected to remain robust in the second half of
CY2021, with retailers anticipating continued strong consumer demand. The
Company continues to closely monitor the impact of COVID-19 on its clients’
ability to attend tenders and will continue its flexible approach in planning
its upcoming sales events.
Diamond Sales
FY 2021 revenue increased 38% to US$406.9m (FY 2020: US$295.8m) driven by
sales from Exceptional Stones contributing US$60.2m during the Year (FY 2020:
US$14.9m); the highest annual contribution to revenues from the sale of
Exceptional Stones. On a like for like basis, realised diamond prices in Q4 FY
2021 increased ca. 5.7% from those achieved in Q3 FY 2021.
The Company managed to make use of improving market conditions towards the end
of the Period to dispose of low value stock built up in previous periods; this
resulted in additional sales of US$3.1m, releasing ca. 141,000 carats, which
caused some dilution in average prices achieved in Q4 FY 2021. The table below
reflects average prices achieved for normal ROM sales in Q4 FY2021 and FY
2021, and the impact of the low value stock sold in Q4 FY 2021 on the average
prices for the respective periods. In addition to the sale of low value stock,
the ROM average price for Koffiefontein in Q4 FY2021 was impacted by low
volumes and poor product quality.
Q4 FY 2021 FY 2021 FY 2020
ROM Sales (US$/carat) Low value stock sold (US$/carat) Average price (US$/carat) ROM Sales (US$/carat) Low value stock sold (US$/carat) Average price (US$/carat) Average price (US$/carat)
Cullinan (1) 124 12 112 114 12 111 98
Finsch 94 32 84 79 32 77 75
Koffiefontein 270 25 233 440 25 419 387
Williamson - - - 150 - 150 177
(1) Prices include Exceptional stones
In April 2021 the Company announced the recovery of an exceptional 39.34ct
blue stone from the Cullinan mine. The diamond was sold via a special tender
post Period end to a partnership between De Beers and Diacore for US$40.2m, or
US$1,021,357 per carat. This is the highest price Petra has ever achieved for
a single stone.
Project 2022 Update
The implementation of throughput ideas remains the largest contributor to
improving operational cash flow, led by Cullinan’s record recovery of
1.94Mcts in FY 2021. Due to reduced throughput at Finsch, Koffiefontein and
Williamson, expectations on the annualised contribution from throughput
initiatives were reduced to around US$50m in the Company’s previous Trading
Update. The Company remains confident that it will achieve the annualised
contribution of US$50m, supported by measures taken to curtail the waste
ingress at Finsch.
Initiatives undertaken to drive cost efficiencies are expected to contribute
an annualised US$20m going into FY 2022 and remains unchanged from previous
guidance.
The Project 2022 Organisational Design Review was completed during FY 2021 and
will result in updated role descriptions providing for clearer line of site
and improved accountability.
Corporate and Financial
Consolidated net debt reduced further to US$241.2m as at 30 June 2021 from
US$290.7m at the end of March 2021, and US$693.2m as at 30 June 2020.
Petra Diamonds had unrestricted cash of US$156.9m (30 June 2020: US$67.6m),
available undrawn banking facilities of US$7.7m (30 June 2020: US$ nil),
diamond debtors of US$38.3m (30 June 2020: US$4.8m) with the June 2021 tender
closing at Period-end, and debtors settling shortly thereafter, and diamond
inventory valued at US$54.3m as at 30 June 2021 (30 June 2020: US$84.1m). Both
Diamond Debtors and Diamond Inventory for FY 2020 were significantly impacted
by the inability to host tenders during Q4 FY 2020 following the initial
COVID-19 outbreak.
Update on community and remedial programmes at the Williamson Mine
On 12 May 2021, the Company announced that it had reached a settlement, on a
no admission of liability basis, in relation to claims brought in London by
the UK law firm Leigh Day, on behalf of a number of anonymous claimants.
These related to alleged breaches of human rights, associated with third-party
security operations, within the Special Mining Licence area of the Williamson
Diamond Mine.
The agreed total settlement figure included significant funds which Petra has
committed to invest in restorative projects dedicated to providing long-term
sustainable support to the communities living around the mine. In addition,
both the Company and Williamson Diamonds Limited have taken a number of
actions, which are detailed in the announcement published on 12 May 2021
titled ‘Findings of the independent Board Sub-Committee’. The announcement
can be accessed on the Company’s website:
https://www.petradiamonds.com/our-operations/our-mines/williamson/allegations-of-human-rights-abuses-at-the-williamson-mine/
Having already established the Operational Grievance Mechanism for complaints
and grievances related to operational impacts, the Company has continued with
the process of the design and implementation of a non-judicial, Independent
Grievance Mechanism to address allegations of severe human rights impacts. A
series of engagements with Government Ministries and Agencies, Civil Society
and NGOs were conducted in Dodoma and Dar es Salaam, seeking feedback and
support on the proposed design of the Independent Grievance Mechanism. The
company has specialist external support from Synergy Global Consulting in the
development of this process. Synergy is a specialist international consultancy
with over twenty years’ experience working with companies, governments and
community-based organisations.
Shortly after Period end, Petra Diamonds Limited paid in excess of £1m into
an escrow account to fund the restorative programmes, which will benefit the
communities surrounding the mine. Synergy has been formally appointed to
manage these funds, and they will work closely with the communities and local
NGOs on the formulation and implementation of these programmes.
The programmes are intended to provide long term sustainable benefits to local
communities through income generating projects. These include:
* feasibility studies into a formalised artisanal tailings project at the mine
and an agri-business project;
* the establishment of enhanced community clinical and medical support;
* managed access to parts of the mine for local residents to collect firewood
and graze animals and
* the launch of a Gender Based Violence campaign to raise awareness and
provide specific support and counselling for victims of gender-based
violence.
During the period from 1 April to the end of June 2021, there were a total of
109 incidents of illegal incursions onto the Williamson mine lease area,
resulting in three illegal diggers suffering minor injuries and being provided
with treatment at the Mwadui hospital and another local medical facility
before being discharged. We believe the contracted security teams and
Tanzanian police acted in accordance with the Voluntary Principles on Security
and Human Rights. There was some damage caused to police and contracted
security provider vehicles in 5 of the incidents. A total of 18 arrests were
made over this three-month period.
In addition to the local community projects mentioned above, the Company is
also continuing its engagement with communities around the mine to highlight
the dangers of illegal mining, seeking to reduce illegal incursions onto the
Williamson mine lease area.
The Company will continue to monitor the effects of the actions taken to date
and is committed to the programmes and initiatives detailed in its 12 May
announcement referenced above.
Board
Following completion of the capital restructuring, the appointment of Mr.
Matthew Glowasky as a Non-Independent Non-Executive Director of the Company
became effective; his prospective appointment was initially announced on
22 December 2020.
On 1 July 2021 the Company announced the appointment of Deborah Gudgeon as an
Independent Non-Executive Director and Chair-designate of the Audit and Risk
Committee. In addition, on 1 July 2021 Alexandra Watson and Johannes Bhatt
were both appointed as Non-Independent Non-Executive Directors, having been
nominated by Franklin Templeton, and Monarch Master Funding 2 (Luxembourg)
S.a.r.l. respectively. The Company welcomes the new Directors to the Board;
together they bring a wealth of experience, complementing that of our existing
Directors, and their appointments leave the Board well placed to take the
Company forward.
~ Ends ~
Conference Calls:
Participants may join the 9:30am BST call by dialling one of the following
numbers shortly before the call:
First Call - 9:30am BST
From the UK: 0330 606 1118
From South Africa (toll free): 80 006 4559
From the rest of the world: +44 330 606 1118
Room Number: 501857
Participant passcode: 9758
A replay of the conference call will be available on the following numbers:
From the UK: 0330 606 1118
From the US (toll free): (877) 890-2416
From South Africa (toll free): 80 006 4559
From the rest of the world: +44 330 606
1118
Playback passcode: 400872
Second Call – 4:00pm BST
An additional conference call to cater for North American and other
international investors will be held at 4:00pm BST today. Participants are
advised to listen to the replay of the first conference call in advance of
this call.
From the United States (toll free): (877) 890-2416
From the UK: 0330 606 1118
From South Africa (toll free): 80 006 4559
From the rest of the world: +44 330 606 1118
Room Number: 501857
Participant passcode: 9578
For further information, please contact:
Petra Diamonds, London
Telephone: +44 20 7494 8203
Marianna
Bowes investorrelations@petradiamonds.com
Des Kilalea
Julia Stone
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. Kcts: thousand carats
4. Kt: thousand tonnes
5. LOM: life of mine
6. LTI: lost time injury
7. LTIFR: lost time injury frequency rate
8. Mcts: million carats
9. Mt: million tonnes
10. FY: financial year
11. Q: quarter of the financial year
12. ROM: run-of-mine (i.e. production from the primary orebody)
13. SLC: sub level cave
14. m: million
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 strives to conduct 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'. The Company’s US$337m loan notes due in
2026 will be listed on the Global Exchange market of the Irish Stock Exchange.
For more information, visit www.petradiamonds.com.
APPENDIX – CORPORATE & FINANCIAL AND PRODUCTION, SALES & CAPEX TABLES
Unit 30 June 2021 31 March 2021 31 December 2020 30 June
2020
Closing exchange rate used for conversion R14.27:US$1 R14.77:US$1 R14.69:US$1 R17.32:US$1
Cash at bank (including restricted cash) US$M 173.0 153.8 106.3 67.6
Diamond inventories (1) US$M Carats 54.3 637,676 75.5 1,020,973 105.0 1,385,402 84.1 1,357,584
Diamond debtors US$M 38.3 2.6 3.7 4.8
US$336.7m loan notes (issued March 2021) (2) US$M 347.8 338.7 - -
US$650m loan notes (issued April 2017) (3) US$M - - 702.0 676.9
Bank loans and borrowings (4) US$M 104.7 108.4 61.2 52.1
BEE partner bank facilities (4) US$M - - 47.2 40.0
Bank facilities undrawn and available (4) US$M 7.7 10.8 - -
Consolidated net debt (5) US$M 241.2 290.7 700.4 693.2
Notes:
1. Recorded at the lower of cost and net realisable value.
2. The US$336.7m loan notes represents the gross capital of US$336.7m of
notes, plus accrued interest until the end of the relevant periods, issued
following the restructuring completed during March 2021.
3. The US$650m loan notes represents the gross capital of US$650m of notes
issued on April 2017, plus accrued and unpaid interest for the relevant
periods; these loan notes were settled in full following the restructuring
completed during March 2021.
4. Bank loans and borrowings represent amounts drawn under the Group’s
refinanced South African bank facilities as part of the restructuring and
comprises the ZAR1.1 billion term loan (US$76.6m) and ZAR401.5m (US$28.1m)
drawn under the ZAR509.6m (US$35.7m) revolving credit facility. Under the
revolving credit facility, ZAR109.6m (US$7.7m) remains undrawn and available.
During FY2021 and as part of the restructuring, the BEE partner bank
facilities (which comprised the BEE guarantees) were settled by the Group
through proceeds of the ZAR1.2 billion term loan.
5. Consolidated Net Debt is bank loans and borrowings plus loan notes, less
cash, less diamond debtors and includes the Black Economic Empowerment
guarantees of ZARnil as at 30 June 2021 (ca. US$40.0m (ZAR693.6m) as at 30
June 2020).
Group Production, Sales and Capex – Summary
Unit FY 2021 FY 2020 Variance
Sales
Diamonds sold Carats 3,960,475 2,895,497 37%
Revenue US$M 406.9 295.8 38%
Production
ROM diamonds Carats 3,057,860 3,442,593 -11%
Tailings & other (1)diamonds Carats 182,452 146,583 +24%
Total diamonds Carats 3,240,312 3,589,176 -10%
Tonnages
ROM tonnes Mt 7.7 11.5 -33%
Tailings & other (1)tonnes Mt 0.4 0.8 -50%
Total tonnes Mt 8.1 12.3 -34%
Capex
Expansion US$M 16.9 21.8 -23%
Sustaining US$M 6.9 14.6 -53%
Total US$M 23.8 36.4 -35%
Notes:
1. 'Other' represents alluvial diamond mining at Williamson.
Cullinan – South Africa
Unit H2 FY 2021 H1 FY 2021 FY 2021 FY 2020 Variance
Sales
Revenue US$M 143.3 107.3 250.6 116.5 +115%
Diamonds sold Carats 1,366,300 894,758 2,261,058 1,183,745 +91%
Average price per carat US$ 105 120 111 98 +13%
ROM Production
Tonnes treated Tonnes 2,275,329 2,339,473 4,614,802 3,972,682 +16%
Diamonds produced Carats 847,864 913,626 1,761,490 1,482,482 +19%
Grade (1) Cpht 37.3 39.1 38.2 37.3 +2%
Tailings Production
Tonnes treated Tonnes 224,153 221,385 445,538 257,549 +73%
Diamonds produced Carats 86,436 96,016 182,452 95,918 +90%
Grade (1) Cpht 38.6 43.4 41.0 37.2 +10%
Total Production
Tonnes treated Tonnes 2,499,481 2,560,858 5,060,339 4,230,231 +20%
Diamonds produced Carats 934,300 1,009,642 1,943,942 1,578,400 +23%
Capex
Expansion Capex US$M 9.3 5.2 14.5 13.0 +12%
Sustaining Capex US$M 1.6 0.7 2.3 3.4 -32%
Total Capex US$M 10.9 5.9 16.8 16.4 +2%
Notes:
1. The Company is not able to precisely measure the ROM / tailings grade split
because ore from both sources is processed through the same plant; the Company
therefore back-calculates the grade with reference to resource grades.
Finsch – South Africa
Unit H2 FY 2021 H1 FY 2021 FY 2021 FY 2020 Variance
Sales
Revenue US$M 68.7 54.8 123.5 101.1 +22%
Diamonds sold Carats 833,665 768,647 1,602,312 1,348,181 +19%
Average price per carat US$ 82 71 77 75 +3%
ROM Production
Tonnes treated Tonnes 988,195 1,323,000 2,311,195 2,719,389 -15%
Diamonds produced Carats 541,911 695,308 1,237,219 1,603,678 -23%
Grade (1) Cpht 54.8 52.6 53.5 59.0 -9%
Tailings Production
Tonnes treated Tonnes 0 0 0 211,541 -100%
Diamonds produced Carats 0 0 0 39,890 -100%
Grade (1) Cpht 0 0 0 18.9 -100%
Total Production
Tonnes treated Tonnes 988,195 1,323,000 2,311,195 2,930,930 -21%
Diamonds produced Carats 541,911 695,308 1,237,219 1,643,568 -25%
Capex
Expansion Capex US$M 0.9 0.8 1.7 6.1 -72%
Sustaining Capex US$M 1.8 0.5 2.3 2.3 0%
Total Capex US$M 2.7 1.3 4.0 8.4 -52%
Note:
1. The Company is not able to precisely measure the ROM / tailings grade split
because ore from both sources is processed through the same plant; the Company
therefore back-calculates the grade with reference to resource grades.
Koffiefontein – South Africa
Unit H2 FY 2021 H1 FY 2021 FY 2021 FY 2020 Variance
Sales
Revenue US$M 16.8 11.2 28.0 25.7 +9%
Diamonds sold Carats 47,706 18,944 66,650 66,326 0%
Average price per carat US$ 352 590 419 387 +8%
ROM Production
Tonnes treated Tonnes 260,708 493,661 754,369 891,705 -15%
Diamonds produced Carats 23,239 35,912 59,151 69,077 -14%
Grade Cpht 8.9 7.3 7.8 7.7 +1%
Total Production
Tonnes treated Tonnes 260,708 493,661 754,369 891,705 -15%
Diamonds produced Carats 23,239 35,912 59,151 69,077 -14%
Capex
Expansion Capex US$M 0.3 0.3 0.6 2.7 -78%
Sustaining Capex US$M 0.8 0.3 1.1 1.1 0%
Total Capex US$M 1.1 0.6 1.7 3.8 -55%
Williamson – Tanzania
Unit H2 FY 2021 H1 FY 2021 FY 2021 FY 2020 Variance
Sales
Revenue US$M 0 4.6 4.6 52.5 -91%
Diamonds sold Carats 0 30,339 30,339 297,245 -90%
Average price per carat US$ 0 150 150 177 -15%
ROM Production
Tonnes treated Tonnes 0 0 0 3,980,438 -100%
Diamonds produced Carats 0 0 0 287,356 -100%
Grade Cpht 0 0 0 7.2 -100%
Alluvial Production
Tonnes treated Tonnes 0 0 0 302,567 -100%
Diamonds produced Carats 0 0 0 10,774 -100%
Grade Cpht 0 0 0 3.6 -100%
Total Production
Tonnes treated Tonnes 0 0 0 4,283,005 -100%
Diamonds produced Carats 0 0 0 298,130 -100%
Capex
Expansion Capex US$M 0.0 0.0 0.0 0.0 0%
Sustaining Capex US$M 0.0 0.3 0.3 8.0 -96%
Total Capex US$M 0.0 0.3 0.3 8.0 -96%
Note:
1. Negatively impacted by the 71,654 carat parcel blocked for export.
CAPEX RECONCILIATION
Capex Unit FY 2021 FY 2020
Cullinan US$M 16.8 16.4
Finsch US$M 4.0 8.4
Koffiefontein US$M 1.7 3.8
Williamson US$M 0.3 8.0
Subtotal – Capex incurred by operations US$M 22.8 36.6
Corporate / exploration US$M 1.0 -0.2
Total Group Capex US$M 23.8 36.4
Notes:
1. Petra operates an internal projects / construction division and, although
this division’s spend is reported in the Group’s total Capex, it is policy
not to account for it on a specific mine’s Capex until the work completed is
invoiced to the relevant operation.
2. Petra’s annual Capex guidance is cash-based and excludes capitalised
borrowing costs.
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