Petra Q1 FY 2021 Update, Exceptional Blue Diamonds on Display in Antwerp

Mining and Exploration
27/10/2020 09:41

Petra Diamonds in its trading update for Q1 FY 2021 (July through to September) reports a 10% decrease in production to 974,346ct, which the miner attributes largely to the continued care and maintenance status of the Wiliamson mine in Tanzania. The miner also reports a 33% increase in revenue, to US$82m, as Petra released inventory from Q4 2020 and rough prices at the latest tenders (September and October) firmed up significantly, although still 10% below pre-covid tender results, the company statement adds. Petra Diamonds continues to be in unsteady waters, as the mining company struggles to contain debt, which only improved marginally in Q1 to US$687.8m. Mid September, Petra announced the recovery of five exceptional blue stones, now named the Letlapa Collection, consistsing of five Type IIb blue diamonds of 25.75, 21.25, 17.57, 11.42 and 9.61 carats, respectively, which will be offered for sale through a special tender, the stones are currently available for viewings in Antwerp, after which they will be on display in Hong Kong and New York.