Petra deferred the mid-stream tender!
Richard Duffy, Chief Executive Officer of Petra Diamonds (Petra), said, “In light of what we expect to be a temporary slowdown in the market for rough diamonds as a result of elevated inventory in the mid-stream, we have taken the decision to postpone the majority of our Tender 6 rough diamond sales.
Our ability to be flexible in the timing of our tenders is attributable to our strengthened balance sheet and the resilience of our business. This will defer sales revenues for only a relatively short period and we believe it is in the best interests of the business and shareholders.
The diamonds originally earmarked for sale in June will now be tendered in August, which historically coincides with stronger demand due to the end of Northern Hemisphere summer holidays and the commencement of manufacturing orders being filled ahead of the seasonally strong end of year festive period.”
The previously planned Tender 6 in June 2023 would have offered c.230kct of goods for sale from Cullinan Mine and c.150kct from Finsch. Instead, these goods, together with the 75.9kcts of predominantly higher value stones withheld from Tender 5 as well as run of mine production from both Cullinan Mine and Finsch, will be offered for sale in our first tender of FY 2024 which is expected to be held in August 2023.
As a result of Petra’s financial year end falling on the 30 June 2023, the deferral of sales from FY 2023 into FY 2024 will impact Petra’s revenues and financial results in both financial years. The Company is confident that the deferral of sales revenues for a relatively short period of time is in the best interests of the business and is manageable from a liquidity perspective without having to draw on its ZAR1 billion (US$52 million) revolving credit facility.
Petra expects to announce its preliminary results for FY 23 on 12 September 2023. This announcement includes inside information as defined in Article 7 of the UK Market Abuse Regulation No. 596/2014 and is being released on behalf of Petra by the Company Secretary.
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