07 Dec 2022
DiamondWorld Directory
-
Home |
News
Home
Petra's production down; reports lower revenue in September
The company said that its production guidance for FY 2023 remains unchanged, although production is now expected to be at the lower end of guidance
By: Diamond World News Service
|
Oct 26 2022 11:53AM
|
Reference: 26591  

DecreaseIncrease

South Africa-focused diamond miner Petra Diamonds reported that its production in Q3 2022 (the company's Q1 FY 2023) was down 13% year-over-year to 763,220 carats due to lower grades at Cullinan Mine and Finsch but 2% higher than the prior quarter.

The company said that its production guidance for FY 2023 remains unchanged, although production is now expected to be at the lower end of guidance.

Petra also noted that its quarterly revenue amounted to US$104.3 million (Q1 FY 2022: US$114.9 million, Q4 FY 2022: US$179.8 million).

CEO Richard Duffy commented, "Petra continued its solid and safe operating performance into the first quarter of FY 2023. We maintain our production guidance for the year, although expect this will be towards the lower end of the range for Cullinan Mine and Finsch.

"We are very pleased with the successful tender offer for our bonds that has further strengthened our balance sheet through a reduction in gross debt of US$143.6m over the quarter which will save Petra some US$14m in annual interest payments."

Petra Diamonds is a leading independent diamond mining group and a supplier of gem quality rough diamonds to the international market. The company's portfolio incorporates interests in three underground producing mines in South Africa (Finsch, Cullinan Mine and Koffiefontein) and one open pit mine in Tanzania (Williamson).


 

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Advertisement
DWWeeklypost
Search News by City
Advertisement
DWsubscription
Recent Issue
2022
AVAILABLE NOW...!
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 32040
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 9544
GJEPC Chairman Interview
Views: 28141
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 39385
Promo for IJ Awards 2012 at NDTV Profit
Views: 57077
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 68570
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 21891
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 50941
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 53136
Advertisement
DW News App
Member of:
Supporter of: