- Petra Diamonds Ltd.(DI)
- 21 January 2025 14:02:47
Source: Sharecast
The Aim-listed miner, which operates two underground mines in South Africa and an open pit operation in Tanzania, said total diamond production eased 2% in the six months to 31 December, to 1.4m carats.
Revenues were $146m, compared to $188m a year previously.
However, Richard Duffy, chief executive, said Petra had delivered a “solid operating performance” in the second quarter, leading to total tonnes treated increasing 7%.
He continued: “As a result, we are reiterating our full-year 2025 production guidance of 2.8m to 3.1m carats for the group.
“Our third tender of the 2025 full year showed ongoing diamond price weakness at the end of the 2024 calendar year, although we are encouraged by recent reports of stronger online jewellery demand in the US and…in India over the festive season and Diwali respectively.
“This, together with reduced supply from the major producers and industry-wide marketing efforts, should help rebalance inventories.”
However, Petra did trim its pricing assumptions for South Africa’s Finsch mine, to between $80 and $90 per carat to between $70 and $80. It left assumptions for the Cullinan Mine and Williamson unchanged, at between $120 and $130, and between $170 and $200 respectively.
As at 1400 BST, shares in Petra were up 4% at 27.01p.