Petra Diamonds has published its production and sales figures for the period from Q1 FY 2018 (July 2017 to 20 October 2017), showing a weakening in both.
Production during the period was down 4% to 1,053,817 carats, mainly due to a planned reduction in tailings production at Finsch and Kimberley Ekapa Mining Joint Venture. Revenue was down 17% to $78.7 million from 711,277 carats sold. No sales from Williamson in Tanzania were included, due to a parcel of diamonds from the mine being detained by the Tanzanian Government. Since then, Petra has received authorisation to resume diamond exports and sales from Williamson, and it is “engaging” with the government “to reach a satisfactory solution with regards to the first parcel of diamonds”. A second parcel from Williamson has since then been exported, containing 40,000 carats. Diamond prices for Q1 were down about 3% in comparison to the second half of FY 2017.
Johan Dippenaar, Chief Executive Officer, commented: “Despite the labour disruptions at Finsch, Koffiefontein and KEM JV, the Group has made a strong start to FY 2018, delivering close to 1.1 Mcts for Q1. The Group is continuing its production build up and it is encouraging to see the increasing contribution of ROM production”.
