Petra Diamonds Delivers Strong Revenue Result in Q1 FY 2022

Market Analysis
26/10/2021 10:58

Petra Diamonds’ Q1 FY 2022 figures (July-September 2021) show the revenue of the diamond mining company went up 48% to US$114.9 million compared to the same period last year (Q1 FY2021: US$77.7 million). This strong result was driven by proceeds from the Exceptional stones sale during this quarter totaling US$50.2 million. In addition, diamond prices on a like-for-like basis went up ca. 3% compared to Q4 FY 2021.

Production during Q1 FY 2022 equaled 861,991 carats, increasing 8% compared to Q4 FY 2021 when production equaled 794,952 carats.

Richard Duffy, Chief Executive Petra Diamonds commented: “Petra Diamonds has delivered a very strong revenue result due to the contribution of Exceptional Stone sales, supported by the continued strength in the diamond market. Production was lower than Q1 FY 2021, due to planned decreases in tonnages and grade as part of the strategy to mitigate the waste ingress at the Finsch mine, but a significant improvement over the previous quarter and remains on track to deliver full-year guidance”