Petra Diamonds
Limited
("Petra" or the "Company" or the
“Group”)
Trading Update for
the Six Months ended 31 December
2020
Petra Diamonds Limited announces the following Trading Update
(unaudited) for the six months ended 31
December 2020 (the “Period”, “H1 FY 2021” or “H1”), ahead of
the publication of the Company’s Interim Results for the Period on
16 February 2021.
SUMMARY
- Lost Time Injury Frequency Rate (“LTIFR”) of 0.50 (H1 FY 2020:
0.22 and FY 2020: 0.29) improved from 0.65 during Q1 FY 2021 due to
the behaviour-based intervention campaign in place to address this
LTI trend and reinforce safe workplace practices. The total number
of injuries during the Period, which includes LTIs, reduced to 19
(H1 FY 2020: 24).
- H1 production down 16% to 1,740,862 carats (H1 FY 2020:
2,070,240 carats), mainly as a result of the Williamson mine in
Tanzania remaining on care and
maintenance. Increased production at Cullinan was offset by
decreased production at Finsch due to waste ingress in a number of
the upper levels of the Block 5 Sub Level Cave, negatively
impacting the recovered grade, and corrective measures to address
the waste ingress restricting the volume of ROM tonnes being
mined.
- H1 revenue down 8% to US$178.1
million from 1,712,797 carats sold (H1 FY 2020: US$193.9 million from 1,743,807 carats sold) with
the US$40.4 million proceeds from the
Letlapa Tala Collection of blue diamonds offset by weaker prices
following the COVID-19 outbreak and the deferral of sales to
January 2021 of some 382 kcts
yielding US$30.5 million at the
Company’s first tender of 2021, which closed on 15 January 2021. Diamond pricing on a
like-for-like basis increased by a further 8% at this tender,
confirming that pricing has now returned to pre-COVID-19
levels.
- The Cullinan mine produced a 299 carat Type IIa white
gem-quality diamond in January 2021;
this stone is expected to be sold during the Company’s next tender
in February 2021. This is the third
largest high quality white diamond recovered at the mine since
Petra acquired its stake in 2008, after the 507 carat Cullinan Heritage and the 424 carat Legacy of
the Cullinan Diamond Mine. A photo of the 299 carat diamond can be
viewed at
https://www.petradiamonds.com/media/image-library/diamonds/.
- Diamond inventory of 1,385,402 carats valued at US$103.6 million at Period end (30 September 2020: US$90.2
million).
- Consolidated net debt at 31 December
2020 of US$695.5 million
(30 September 2020: US$687.8 million).
- Unrestricted cash of US$92.3
million (30 September 2020:
US$49.3 million), with the Company’s
banking facilities remaining fully drawn.
- ZAR/USD exchange rate volatility continued during the Period,
averaging R16.27/USD1 and closing the
Period at ZAR14.69/USD1. The continued weakness in ZAR/USD levels
partially offset some of the price weakness realised through
diamond sales.
Capital Restructuring
- A number of milestones have now been passed with regards to the
successful implementation of the Company's proposed capital
restructuring and associated debt for equity swap, including the
approval of the Scheme by 100% of votes cast at the Scheme Meeting
on 8 January 2021 and the approval of
the associated allotment of new shares by 95% of votes cast by
shareholders at the Company’s Special General Meeting on
13 January 2021, paving the way for
the restructuring to complete during January / February 2021, provided the requisite regulatory
approval is obtained. In December
2020 the Company announced the prospective appointment of
Mr. Matthew Glowasky to the Board as
a Non-Executive Director nominee appointed by Monarch Master
Funding 2 (Luxembourg) S.à r.l., a
holder of the Company’s US$650
million 7.25% senior secured second lien notes due in
May 2022 that is participating in the
debt for equity swap. Mr. Glowasky's prospective appointment to the
Board is subject to the successful implementation of the consensual
capital restructuring and a further announcement confirming the
date on which he will formally assume office will be made in due
course.
Outlook
- The diamond market has continued to show improved demand for
rough diamonds, as evidenced by the recent strong sales from the
majors De Beers and ALROSA, further to continued robust demand from
the midstream, following positive consumer sales during the holiday
retail season. There are expectations that this improved demand
will continue throughout Q1 CY 2021. However, the current
resurgence of COVID-19 in many countries poses a significant risk
to the logistics and timing of sales in H2 FY 2021.
- Due to the ongoing uncertainty around the impact of COVID-19,
production guidance for FY 2021 remains suspended. Furthermore, the
Williamson mine remains on care and maintenance, as has been the
case since April 2020; this situation
remains under continual review.
- Project 2022 throughput targets have been impacted by reduced
grade at Finsch as a result of the increased waste ingress and
reduced volumes to manage the dilution, as mentioned above, and
Williamson remaining on care and maintenance for longer than
initially planned. Although Cullinan remains on track to deliver on
its throughput stretch target for FY 2021, the impact of reduced
throughput at Finsch and Williamson is expected to lower the
annualised contribution of the throughput initiatives from some
US$101 million by the end of FY 2021,
as previously disclosed, to around US$70
million. Any longer term impact of increased waste ingress
at Finsch will be clarified as part of the current life of mine
(“LOM”) planning process. Petra continues to expect the Project
2022 cost saving initiatives to deliver an annualised
contribution of ca. US$22 million
from the end of Q3 FY 2021.
- The Company is aware of media reports suggesting that the
parcel of 71,654 carats of diamonds from the Williamson mine in
Tanzania, which was blocked for
export in September 2017, has been
nationalised. To date the Company has not received any
communication from the Government of Tanzania about this matter and Williamson
Diamonds Limited, the owner and operator of the Williamson mine,
has written to the Minister of Minerals requesting an update on the
status of the Parcel.
- The Company’s Tunajali Committee, comprised entirely of
independent Non-Executive Directors, will undertake a review of the
output of the external investigation into the alleged breaches of
human rights at the Williamson mine and will make recommendations
to address any findings. The Company intends to make a further
announcement on these issues by the end of March 2021.
H1 FY 2021 Sales, Production and Capex
– Summary
|
Unit |
H1 FY
2021 |
H1 FY
2020 |
Variance |
FY
2020 |
Sales |
|
|
|
|
|
Diamonds sold |
Carats |
1,712,797 |
1,743,807 |
-2% |
2,895,497 |
Gross
revenue |
US$M |
178.1 |
193.9 |
-8% |
295.8 |
|
|
|
|
|
|
Production |
|
|
|
|
|
ROM tonnes |
Mt |
4.2 |
7.0 |
-40% |
11.5 |
Tailings &
other1 tonnes |
Mt |
0.2 |
0.5 |
-60% |
0.8 |
Total tonnes
treated |
Mt |
4.4 |
7.5 |
-41% |
12.3 |
|
|
|
|
|
|
ROM diamonds |
Carats |
1,644,846 |
1,995,512 |
-18% |
3,442,593 |
Tailings &
other1 diamonds |
Carats |
96,016 |
74,728 |
+28% |
146,583 |
Total
diamonds |
Carats |
1,740,862 |
2,070,240 |
-16% |
3,589,176 |
|
|
|
|
|
|
Capex |
|
|
|
|
|
Expansion |
US$m |
6.3 |
15.9 |
-60% |
21.8 |
Sustaining |
US$m |
2.3 |
9.7 |
-76% |
14.6 |
Borrowing costs
capitalised |
US$m |
0.0 |
0.0 |
- |
- |
Total |
US$m |
8.6 |
25.6 |
-66% |
36.4 |
- 'Other' includes alluvial diamond mining at
Williamson.
Richard
Duffy, Chief Executive of Petra Diamonds, commented:
“We are living through a time of
great uncertainty as a result of COVID-19, which has put
considerable pressure on the business and all of our employees. I
am grateful for the continued fortitude and resilience of our
entire Petra team in the face of this challenge and extend our
sincerest condolences to the families and friends of the four
employees who have tragically lost their lives to COVID-19.
I am delighted that we have now
secured the support of our noteholders, lenders and shareholders
for the proposed restructuring of the Group’s balance sheet, which
will formally complete in the coming weeks following the receipt of
the requisite regulatory approval. This marks a significant
milestone in putting the Company on a sustainable footing going
forward. The improvement in the market, with prices from our
January sale now back at pre-COVID levels, is very encouraging and
will provide some support as we look to optimise the value of our
asset base.
Our operations in South Africa, and Cullinan in particular,
continue to perform well despite emerging operational challenges at
Finsch, resulting from waste ingress, that has negatively impacted
on its carat production. Mitigation plans have been developed and
are currently being implemented to address this. Williamson remains
under care and maintenance and we are considering various options
to resume mining operations.”
COMMENTARY
Health and safety
- Group LTIFR of 0.50 (H1 FY 2020: 0.22 and FY 2020: 0.29),
improving from 0.65 for Q1 FY 2021. The majority of the accidents
in H1 FY 2021 continued to be behavioural in nature. Considerable
focus is being placed on reinforcing safe behaviour and continuous
improvement in striving for a zero harm working environment. The
total number of injuries during the Period, which includes LTIs,
reduced to 19 (H1 FY 2020: 24).
- The COVID-19 pandemic poses a significant risk to the health
and safety of the Group’s workforce. Whilst the majority of those
who contract the virus may be asymptomatic or may only experience
mild symptoms, a number of people (especially those with
comorbidities) may become seriously ill or the virus may prove
fatal. Whilst Petra has implemented systems and strategies aiming
to prevent and/or contain the spread of the virus at its
operations, the widespread prevalence and highly infectious nature
of the virus has meant that 290 employees to date have been
confirmed COVID-19 positive at the South African operations as at
15 January 2021, and of these 240
have fully recovered. Although the majority of those affected are
only experiencing mild symptoms, the Company has tragically lost
four colleagues as a result of COVID-19.
- More information about the Company’s response to the pandemic
can be accessed here:
https://www.petradiamonds.com/sustainability/health-and-safety/our-response-to-covid-19/.
- There have been no cases of COVID-19 confirmed at the
Williamson mine in Tanzania to
date.
Production
- Overall carat production decreased 16% to 1,740,862 carats (H1
FY 2020: 2,070,240 carats), with Cullinan’s outperformance
offsetting lower production at Finsch, lower production from
Koffiefontein and no contribution from Williamson (H1 FY 2020:
222,351 carats), which remains on care and maintenance.
- Cullinan’s overall carat production increased by 13% to
1,009,642 carats (H1 FY 2020: 889,787 carats) due to ROM production
increasing by 7% to 913,626 carats (H1 FY 2020: 855,371 carats) in
line with Project 2022 throughput targets. Tailings production
increased by 179% to 96,016 carats in line with the mine plan (H1
FY 2020: 34,416 carats). The higher ROM carat production was
largely driven by an increased volume treated of 2,339,473 tonnes
(H1 FY 2020: 2,295,197 tonnes) at a ROM grade of 39.1 cpht (H1 FY
2020: 37.3 cpht).
- Finsch’s overall carat production decreased by 24% to 695,308
carats (H1 FY 2020: 913,557 carats) due to ROM carat production
decreasing by 21% to 695,308 carats (H1 FY 2020: 880,707 carats)
further to a 14% decrease in the volume treated of 1,323,000 tonnes
(H1 FY 2020: 1,534,256 tonnes) and an 8% decrease in the ROM grade
to 52.6 cpht (H1 FY 2020: 57.4 cpht). ROM volumes mined in H1 were
impacted by the expiry of the temporary continuous operations
arrangement, which was reinstated during October 2020 and will remain in place until
June 2021.
As announced on 22 December 2020,
the Finsch mine has experienced higher than expected levels of
waste ingress in a number of the upper levels of the Block 5 Sub
Level Cave, which has served to negatively impact the recovered
grade. The Company has been going through a detailed exercise to
better understand this issue and has put a plan in place to
mitigate the impact. In the short term, this will include a
revision to the draw strategy to limit planned draw tonnage for the
next four months, a build-up of inventory rings to allow for
increased blasting from March 2021,
and a change to the drill and blast designs to optimise ore
extraction. In the longer term, the Company will also investigate
ore mixing programmes to better assist with the prediction of waste
ingress. A combination of the reduced ore tonnage extraction
(further to the dilution caused by the waste material ingress) and
a lower grade is expected to lead to Finsch’s production for FY
2021 being ca. 15% lower in carat volumes than the Company’s
internal plan.
During H1 FY 2021, the areas surrounding the Finsch mine
experienced above average rainfall. Due to the excessive amount of
rainfall and an influx of water into the pit, pit wall failures
were experienced on the northern side of the pit. These failures
have not impacted production to date, but they may have a future
impact on the stability of the decline from surface which also
serves as the second escape route from the underground operations.
Measures to mitigate the impact on the second escape route are
being put in place and include the re-commissioning of a temporary
hoisting facility from surface down to the 70 level.
- Koffiefontein’s production decreased 19% to 35,912 carats (H1
FY 2020: 44,545 carats), with treatment from underground ore mined
during the Period supplemented by some 76,000 tonnes of ROM
material stockpiled during Q4 FY 2020 further to the COVID-19
lockdowns; the ROM stockpile was largely depleted during H1 FY
2021.
- The Williamson mine in Tanzania remained on care and maintenance
during H1 FY 2021.
Project 2022 Update
- Project 2022 throughput ideas continue to remain the largest
contributor towards the operational cash flow benefits and Cullinan
is on track to deliver on its throughput stretch target for FY
2021, having met the H1 recovered carats stretch target of 1
million carats. However, the higher than expected levels of waste
ingress at Finsch is having a detrimental impact on throughput
benefits due to both lower grade and volume. The extended state of
care and maintenance at Williamson is also inhibiting throughput
ideas, with operations being suspended. The expected impact of the
reduced throughput at Finsch and Williamson indicates a reduction
in the annualised contribution of the throughput initiatives from
some US$101 million by the end of FY
2021, as previously disclosed, to around US$70 million.
- The targeted contribution from cost efficiencies remains at an
annualised US$22 million from the end
of Q3 FY 2021.
- The Organisational Design (“OD”) project progressed to
implementation, with the adoption of a top-down phased approach
starting with Group functions through to the roles at operations.
Alignment of the organisational structures to support the operating
model and a total review of role titles and role profiles are
nearing completion. The grading committee is at an advanced stage
with the grading of Group function roles and aims to have the
subsequent layers completed by June
2021. There is also progress to align incentive and
production bonus schemes to support and reward delivery of our
Project 2022 targets across the Group.
Diamond market and sales
- The diamond market has continued to show improved demand for
rough diamonds, as evidenced by the recent strong sales from the
majors De Beers and ALROSA, further to continued robust demand from
the midstream, following positive consumer sales during the holiday
retail season. There are expectations that this improved demand
will continue throughout Q1 CY 2021. However, the current
resurgence of COVID-19 in many countries poses a significant risk
to the logistics and timing of sales in H2 FY 2021.
- In the retail market, whilst western markets were subdued,
leading jewellers experienced strong sales in China over the holiday period, as the economic
recovery on the mainland led to a resurgence of consumer demand for
diamonds and other luxury goods.
- Supply discipline by the major diamond producers in 2020 has
played an important role in moving towards more balance between
supply and demand in the midstream and remains a key factor in
terms of the health of the market in 2021.
- Due to the impact of COVID-19 and the closure of the Argyle
mine in Australia in 2020 (which
accounted for ca. 13 Mcts in 2019), rough diamond production is
forecast to have contracted significantly in 2020 and may struggle
to recover to pre-crisis levels.
Diamond
Sales and Prices
- H1 revenue was down 2% to US$178.1
million from 1,712,797 carats sold (H1 FY 2020: US$193.9 million from 1,743,807 carats sold),
with the US$40.4 million proceeds
from the Letlapa Tala Collection of blue diamonds offset by weaker
prices following the COVID-19 outbreak and the deferral of sales to
January 2021 of some 382 kcts
yielding around US$30.5 million
through a tender which closed on 15 January
2021.
- Like-for-like diamond prices at this tender increased by a
further 8% and have therefore largely recovered to pricing levels
before the COVID-19 outbreak, barring the finer (smaller) goods,
which only account for a small portion of overall revenues.
- Prices achieved during H1 FY 2021 are set out in the table
below:
Mine |
Actual
H1 FY 2021
(US$/ct) |
Actual
H1 FY 2020
(US$/ct) |
Actual
FY 2020
(US$/ct) |
Cullinan |
120 |
112 |
98 |
Finsch |
71 |
79 |
75 |
Koffiefontein |
590 |
431 |
387 |
Williamson |
150 |
184 |
177 |
- Pricing achieved in H1 was impacted by the carry-over of
certain, mostly lower-value parcels from FY 2020, which were
subsequently sold during July 2020.
The realised prices reflect the weaker market conditions offset by
the sale of the Letlapa Tala collection during the Period,
positively impacting Cullinan’s unit price, while Koffiefontein’s
price also benefited from a higher proportion of coarse material
(larger diamonds) in the product mix.
- Despite the Williamson mine being on care and maintenance, it
was possible to include ca. 30,000 carats for sale in Q1 due to
these diamonds being withheld for sale in Q4 FY 2020.
Corporate and Financial
- A summary of the Group’s current cash, diamond inventories,
debtors, borrowings and net debt is set out below.
|
Unit |
31
December 2020 |
30
September 2020 |
30
June
2020 |
31
December 2019 |
Closing exchange
rate used for conversion |
|
R14.69:US$1 |
R16.73:US$1 |
R17.32:US$1 |
R13.99:US$1 |
Cash at bank |
US$m |
106.3 |
63.4 |
67.6 |
53.6 |
Diamond
inventories1 |
US$m
Carats |
103.6
1,385,402 |
90.2
1,394,825 |
84.1
1,357,584 |
85.2
992,425 |
Diamond debtors |
US$m |
3.7 |
19.1 |
4.8 |
12.8 |
US$650 million loan
notes (including deferred coupon payments) |
US$m |
697.1 |
673.6 |
673.6 |
650.0 |
Bank loans and
borrowings |
US$m |
61.2 |
53.8 |
52.0 |
0.0 |
Bank facilities
undrawn and available |
US$m |
0.0 |
0.0 |
0.0 |
107.2 |
Consolidated net
debt2,3 |
US$m |
695.5 |
687.8 |
693.2 |
632.9 |
Notes:
- Recorded at the lower of cost and net realisable
value.
- Consolidated Net Debt is bank loans and borrowings plus loan
notes, less cash, less diamond debtors and includes the Black
Economic Empowerment guarantees of ca. US$47.2 million (ZAR692.8
million) as at 31 December
2020 (ca. US$42.9
million (ZAR717.2 million) as
at 30 September 2020 and ca.
US$40.0 million (ZAR693.6 million) as at 30
June 2020).
- In terms of the Amendment Agreement entered into on
29 May 2020, Petra and the South
African lender group have agreed that covenant measurements will
not be undertaken for the period ending 31
December 2020.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation 596/2014.
Upon the publication of this announcement via a Regulatory
Information Service, this inside information will be considered to
be in the public domain. The person responsible for arranging for
the release of this announcement on behalf of the Company is
Jacques Breytenbach, Finance
Director.
Notes:
- The production and financial results in this announcement
are adjusted to exclude the results of KEM JV, which has been
reclassified as a discontinued operation following the proposed
disposal, announced in July
2018.
- The following definitions have been used in this
announcement:
- cpht: carats per hundred tonnes
- CY: calendar year
- Kcts: thousand carats
- Kt: thousand tonnes
- Mcts: million carats
- Mt: million tonnes
- FY: financial year
- Q: quarter of the financial year
- ROM: run-of-mine (i.e. production from the primary
orebody)
- SLC: sub level cave
~ Ends ~
For further information, please
contact:
Petra Diamonds,
London
Telephone: +44 20 7494 8203
Cathy Malins
Des Kilalea
Marianna Bowes
investorrelations@petradiamonds.com
About Petra Diamonds Limited
Petra Diamonds is a leading independent diamond mining group and
a consistent supplier of gem quality rough diamonds to the
international market. The Company has a diversified portfolio
incorporating interests in three underground producing mines in
South Africa (Finsch, Cullinan and
Koffiefontein) and one open pit mine in Tanzania (Williamson).
Petra's strategy is to focus on value rather than volume
production by optimising recoveries from its high-quality asset
base in order to maximise their efficiency and profitability. The
Group has a significant resource base of ca. 243 million carats,
which supports the potential for long-life operations.
Petra conducts all operations according to the highest ethical
standards and will only operate in countries which are members of
the Kimberley Process. The Company aims to generate tangible value
for each of its stakeholders, thereby contributing to the
socio-economic development of its host countries and supporting
long-term sustainable operations to the benefit of its employees,
partners and communities.
Petra is quoted with a premium listing on the Main Market of the
London Stock Exchange under the ticker 'PDL' and is a constituent
of the FTSE4Good Index. The Company’s US$650
million loan notes due in 2022, currently subject to
restructuring, are listed on the Global Exchange market of the
Irish Stock Exchange. For more information, visit
www.petradiamonds.com.
APPENDIX – MINE BY MINE PRODUCTION
TABLES
Cullinan – South Africa
|
Unit |
H1
FY 2021 |
H1
FY 2020 |
Variance |
FY
2020 |
Sales |
|
|
|
|
|
Revenue |
US$M |
107.3 |
81.7 |
+31% |
116.5 |
Diamonds sold |
Carats |
894,758 |
730,847 |
+22% |
1,183,745 |
Average price per
carat1 |
US$ |
120 |
112 |
+7% |
98 |
|
|
|
|
|
|
ROM
Production |
|
|
|
|
|
Tonnes treated |
Tonnes |
2,339,473 |
2,295,197 |
+2% |
3,972,682 |
Diamonds produced |
Carats |
913,626 |
855,371 |
+7% |
1,482,482 |
Grade |
cpht |
39.1 |
37.3 |
+5% |
37.3 |
|
|
|
|
|
|
Tailings
Production |
|
|
|
|
|
Tonnes treated |
Tonnes |
221,385 |
117,112 |
+89% |
257,549 |
Diamonds produced |
Carats |
96,016 |
34,416 |
+179% |
95,918 |
Grade |
Cpht |
43.4 |
29.4 |
+48% |
37.2 |
|
|
|
|
|
|
Total
Production |
|
|
|
|
|
Tonnes treated |
Tonnes |
2,560,858 |
2,412,309 |
+6% |
4,230,231 |
Diamonds
produced |
Carats |
1,009,642 |
889,787 |
+13% |
1,578,400 |
|
|
|
|
|
|
Capex |
|
|
|
|
|
Expansion Capex |
US$m |
5.2 |
10.0 |
-48% |
13.0 |
Sustaining Capex |
US$m |
0.7 |
2.0 |
-65% |
3.4 |
Borrowing Costs
Capitalised |
US$m |
0.0 |
0.0 |
- |
0.0 |
Total
Capex |
US$m |
5.9 |
12.0 |
-51% |
16.4 |
Notes:
- The Company is not able to precisely measure the ROM /
tailings grade split because ore from both sources is processed
through the same plant; the Company therefore back-calculates the
grade with reference to resource grades.
Finsch – South Africa
|
Unit |
H1
FY 2021 |
H1 FY 2020 |
Variance |
FY
2020 |
Sales |
|
|
|
|
|
Revenue |
US$M |
54.8 |
61.7 |
-11% |
101.1 |
Diamonds sold |
Carats |
768,647 |
783,962 |
-2% |
1,348,181 |
Average price per
carat |
US$ |
71 |
79 |
-9% |
75 |
|
|
|
|
|
|
ROM
Production |
|
|
|
|
|
Tonnes treated |
Tonnes |
1,323,000 |
1,534,256 |
-14% |
2,719,389 |
Diamonds produced |
Carats |
695,308 |
880,707 |
-21% |
1,603,678 |
Grade1 |
cpht |
52.6 |
57.4 |
-8% |
59.0 |
|
|
|
|
|
|
Tailings
Production |
|
|
|
|
|
Tonnes treated |
Tonnes |
0 |
174,167 |
-100% |
211,541 |
Diamonds produced |
Carats |
0 |
32,850 |
-100% |
39,890 |
Grade1 |
cpht |
0 |
18.9 |
-100% |
18.9 |
|
|
|
|
|
|
Total
Production |
|
|
|
|
|
Tonnes treated |
Tonnes |
1,323,000 |
1,708,423 |
-23% |
2,930,930 |
Diamonds
produced |
Carats |
695,308 |
913,557 |
-24% |
1,643,568 |
|
|
|
|
|
|
Capex |
|
|
|
|
|
Expansion Capex |
US$m |
0.8 |
4.2 |
-81% |
6.1 |
Sustaining Capex |
US$m |
0.5 |
1.4 |
-64% |
2.3 |
Borrowing Costs
Capitalised |
US$m |
0.0 |
0.0 |
- |
0.0 |
Total
Capex |
US$m |
1.3 |
5.6 |
-77% |
8.4 |
|
|
|
|
|
|
|
Note:
- The ROM / tailings grade split is theoretical and based on
the resource grades as ore from both sources is processed through
the same plant.
Koffiefontein – South Africa
|
Unit |
H1
FY 2021 |
H1
FY 2020 |
Variance |
FY
2020 |
Sales |
|
|
|
|
|
Revenue |
US$M |
11.2 |
14.7 |
-24% |
25.7 |
Diamonds sold |
Carats |
18,944 |
34,163 |
-45% |
66,326 |
Average price per
carat |
US$ |
590 |
431 |
+37% |
387 |
|
|
|
|
|
|
ROM
Production |
|
|
|
|
|
Tonnes treated |
Tonnes |
493,661 |
561,296 |
-12% |
891,705 |
Diamonds produced |
Carats |
35,912 |
44,545 |
-19% |
69,077 |
Grade |
cpht |
7.3 |
7.9 |
-8% |
7.7 |
|
|
|
|
|
|
Total
Production |
|
|
|
|
|
Tonnes treated |
Tonnes |
493,661 |
561,296 |
-12% |
891,705 |
Diamonds
produced |
Carats |
35,912 |
44,545 |
-19% |
69,077 |
|
|
|
|
|
|
Capex |
|
|
|
|
|
Expansion Capex |
US$m |
0.3 |
1.7 |
-82% |
2.7 |
Sustaining Capex |
US$m |
0.3 |
0.6 |
-50% |
1.1 |
Total
Capex |
US$m |
0.6 |
2.3 |
-74% |
3.8 |
Williamson – Tanzania
|
Unit |
H1
FY 2021 |
H1
FY 2020 |
Variance |
FY
2020 |
Sales |
|
|
|
|
|
Revenue |
US$M |
4.6 |
35.9 |
-87% |
52.5 |
Diamonds sold |
Carats |
30,339 |
194,835 |
-84% |
297,245 |
Average price per
carat |
US$ |
150 |
184 |
-18% |
177 |
|
|
|
|
|
|
ROM
Production |
|
|
|
|
|
Tonnes treated |
Tonnes |
0 |
2,654,906 |
-100% |
3,980,438 |
Diamonds produced |
Carats |
0 |
222,351 |
-100% |
287,356 |
Grade |
cpht |
0 |
8.1 |
-100% |
7.2 |
|
|
|
|
|
|
Alluvial
Production |
|
|
|
|
|
Tonnes treated |
Tonnes |
0 |
198,698 |
-100% |
302,567 |
Diamonds produced |
Carats |
0 |
7,463 |
-100% |
10,774 |
Grade |
cpht |
0 |
3.8 |
-100% |
3.6 |
|
|
|
|
|
|
Total
Production |
|
|
|
|
|
Tonnes treated |
Tonnes |
0 |
2,853,604 |
-100% |
4,283,005 |
Diamonds
produced |
Carats |
0 |
222,351 |
-100% |
298,130 |
|
|
|
|
|
|
Capex |
|
|
|
|
|
Expansion Capex |
US$m |
0.0 |
0.0 |
0% |
0.0 |
Sustaining Capex |
US$m |
0.3 |
5.7 |
-95% |
8.0 |
Total
Capex |
US$m |
0.3 |
5.7 |
-95% |
8.0 |