Petra Revenue Jumps 49%, Cullinan and Finsch Extended to 2030

Market Analysis
24/02/2022 12:02

Miner Petra Diamonds, which sells its entire production via Antwerp, announced they will invest $289 million to extend the life of both the Cullinan and the Finch mine. Thanks to an investment of approximately $173 million in the Cullinan mine and $216 million in the Finch mine, the mines will be able to stay in business until 2031 and 2030 respectively. Expectations are this would yield an additional 30% in revenue. According to Petra, both mines have the potential to produce even longer.

In addition, the company reported on their H1 FY 2022 results, which show significant revenue growth through the Antwerp sales. Revenue went up 49% to $264.7 million, driven by the sale of exceptional stones which totaled $77.9 million ($40.4 million in H1 FY 2021) and an increase of 16% in rough diamond prices.