Recently, Petra Diamonds Limited reported for both; Cullinan and Finsch Mines maintained their solid performances, supported by the ongoing focus on safe, stable operations and a revised cost discipline approach.
Petra said, the partial sale of Tender 5 for Finsch and Williamson was completed in early April, resulting in total sales of 176kcts sold for US$18 million. Due to the uncertainty caused by the US tariff announcement, a decision was made to delay the sale of Tender 5 goods from Cullinan Mine, which we expect to complete in early June 2025, along with our Tender 6 cycle.
The labour restructuring in support services that was initiated in December 2024 was successfully concluded during the quarter. As an outcome of our Life of Mine plan reviews, the Cullinan Mine will transition from a Continuous Operation (Contops) to a 3-shift operation in FY26. Consequently, a Section 189A (retrenchment) consultation process was initiated at the beginning of May 2025. This process is expected to be completed by mid-July 2025, and marks the final element of the internal Business Restructuring Plan that was launched in December 2024.
Petra also announced the completion of the sale of Williamson Diamond Mine to Pink Diamonds. This is in line with streamlining Petra to our two core South African assets, which present significant value over the long term.
Vivek Gadodia and Juan Kemp, interim joint Chief Executive Officers of Petra, commented, “Alongside the broader diamond sector, Petra has been navigating a very difficult diamond market. Despite this, Petra has shown considerable resilience by delivering on its production and cost targets, while undergoing unprecedented changes in the Business, including the regrettable loss of jobs. We fully appreciate all the sacrifices, commitment, and hard work of our employees.
We believe the steps we have taken over the past 12 months position Petra well for a successful refinancing. We will now look to commence engagements with our lenders on the refinancing of our debt maturing in early 2026.”
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