Final sales results for Tender 4 FY 2024
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| 16 February 2024 | LSE: PDL |
Petra Diamonds Limited
("Petra" or "the Company")
Final sales results for Tender 4 FY 2024
The Company today announces the sales results of its fourth tender cycle of FY 2024 in which 428.9kcts were sold for US$47.8 million, a 4.0% increase in like-for-like[1] prices compared to Tender 3 FY 2024 which closed in December 2023.
These results exclude a 14.76ct exceptional colour and clarity blue gemstone recovered from the Cullinan Mine which the Company intends to sell on a standalone tender basis expected to close towards the end of this month.
Rough diamond sales results for the respective periods are set out below1:
| Tender 4 FY 2024 Feb-24 | Tender 3 FY 2024 Dec-23 | Variance | Tender 4 FY 2023 Feb-23 | YTD FY 2024 Tenders 1-4 | YTD FY 2023 Tenders 1-4 | |
|---|---|---|---|---|---|---|
| Diamonds sold (carats) | 428,860 | 519,397 | -17% | 505,398 | 2,088,481 | 1,778,051 |
| Sales (US$ million) | 47.8 | 67.9 | -30% | 72.1 | 235.6 | 278.5 |
| Average price (US$/ct) | 112 | 131 | -15% | 143 | 113 | 157 |
| Revenue from Exceptional Stones 2 (US$ million) | 0.0 | 0.0 | n.a. | 0.0 | 0.0 | 0.0 |
Note 2: Exceptional Stones are defined as rough diamonds for US$15 million or more each.
Sales
Total revenue YTD FY 2024 from rough diamond sales is US$235.6 million, compared to US$278.5 million in the first four tenders of FY 2023, excluding Koffiefontein. Year-on-year volume variances were affected by the deferral of certain FY 2023 sale parcels sold as part of Tender 1 of FY 2024.
Mine by mine average prices for the respective periods are set out in the table below:
| US$/carat | Tender 4 FY 2024 Feb-24 | Tender 3 FY 2024 Dec-23 | YTD FY 2024 Tenders 1-4 | YTD FY 2023 Tenders 1-4 | FY 2023 |
|---|---|---|---|---|---|
| Cullinan Mine | 98 | 139 | 109 | 154 | 139 |
| Finsch | 101 | 91 | 100 | 121 | 110 |
| Williamson | 220 | 201 | 207 | 280 | 280 |
Like-for-like prices
Like-for-like rough diamond prices improved by 4.0% on Tender 3 FY 2024, with higher prices achieved across all size categories, barring the 5 to 10.8ct size range where prices were largely flat compared to the previous tender. Average like-for-like prices were down 9.2% year-to-date compared to the equivalent four tenders of FY 2023.
Product mix
The balance of price movements is attributable to product mix, with both Williamson and Finsch benefiting from an improved product mix compared to the previous tender.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.