Petra Diamonds income slides eight%

Petra Diamonds revenue slides 8%

Petra Diamonds noticed income fall by eight% to $178.1m (£130m) within the first half of 2020, down from $193.9m (£) the earlier yr, attributed to the continual influence of Covid-19.

The group offered 1,712,797 carats in 2020, which was marginally lower than in 2019, when 1,743,807 carats offered. In 2020, $40.4m (£) of the proceeds from the Letlapa Tala Assortment of blue diamonds was offset by weaker costs and the deferral of gross sales to January 2021.

Manufacturing in H1 dropped 16% which the group claimed was because of the Williamson mine in Tanzania remaining on care and upkeep.

In the meantime, consolidated web debt for the group at 31 December 2020 elevated to $695.5m (£) from $687.8m (£) for a similar interval the earlier yr.

Richard Duffy, chief government of Petra Diamonds, stated: “I’m grateful for the continued fortitude and resilience of our whole Petra workforce within the face of this problem and prolong our sincerest condolences to the households and buddies of the 4 workers who’ve tragically misplaced their lives to COVID-19.

“I’m delighted that we’ve got now secured the help of our noteholders, lenders and shareholders for the proposed restructuring of the Group’s steadiness sheet, which can formally full within the coming weeks following the receipt of the requisite regulatory approval.”

He added: “This marks a big milestone in placing the Firm on a sustainable footing going ahead. The development available in the market, with costs from our January sale now again at pre-COVID ranges, may be very encouraging and can present some help as we glance to optimise the worth of our asset base.

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“Our operations in South Africa, and Cullinan specifically, proceed to carry out effectively regardless of rising operational challenges at Finsch, ensuing from waste ingress, that has negatively impacted on its carat manufacturing. Mitigation plans have been developed and are presently being carried out to handle this. Williamson stays below care and upkeep and we’re contemplating varied choices to renew mining operations.”

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