Richard Duffy, Chief Executive Officer of Petra, commented, “We have taken the proactive decision to defer the upcoming August/September tender from our South African operations, to support steps taken by major producers to restrict supply in this weaker demand period. Our expectation is that supply discipline, together with the expected seasonally stronger demand as we head towards the festive season, will provide some pricing support later in the calendar year.

Our recent steps to create a stronger balance sheet have provided us with flexibility around the timing of our tenders to respond to prevailing market conditions and we have adequate liquidity, including available and undrawn balances on our existing revolving credit facility, to fund our working capital requirements.”

The rough diamond parcels from our South African operations, originally earmarked for sale in August/September as part of Tender 1 for FY 2025, are now planned to be tendered as part of Tender 2, expected to close mid-October. The schedule for Williamson’s tender remains unchanged.

In the context domestic media said, the tender of diamonds from Petra’s Williamson mine in Tanzania will proceed as planned, the company said. It noted that this decision aimed to “support steps taken by major producers to restrict supply during this period of weaker demand.”

Rough diamond parcels from the miner’s South African operations, originally earmarked for sale as part of the first tender of fiscal year 2025, are now planned to be offered in the second tender, expected to close mid-October 2024.