Petra Diamonds Limited
("Petra" or the "Company" or the “Group”)
FY 2021 Trading
Update
Petra Diamonds Limited is pleased to provide the following
unaudited trading update for the year ended 30 June 2021 (the “Year”, the “Period” or “FY
2021”).
FY 2021 Results & Outlook:
- Health & Safety:
- The Group’s Lost Time Injury Frequency Rate for FY 2021
increased to 0.44 (FY 2020: 0.29). Remedial actions and various
behaviour-based intervention programmes were launched during the
Year to improve the trend
- Total injuries, including LTIs, in FY 2021 decreased to 42 (FY
2020: 45)
- Operations:
- FY 2021 production of 3.24 Mcts (FY 2020: 3.59 Mcts) with
increased year-on-year performance at Cullinan offset by lower
production at Finsch and Koffiefontein, while Williamson remained
on care and maintenance
- Record production of 1.94 Mcts at Cullinan
- Financials:
- FY 2021 revenue up 38% to US$406.9m (FY 2020: US$295.8m) driven by sales from Exceptional
Stones (having a value of US$5m or
more) contributing US$60.2m during
the Year (FY 2020: US$14.9m); the
highest annual contribution to revenues from the sale of
Exceptional Stones
- Post Period end, the Company sold the 39.34 carat exceptional
Type IIb blue diamond recovered from the Cullinan Diamond Mine in
April 2021 for US$40.2m
- Balance Sheet:
- Consolidated net debt reduced by nearly two thirds to
US$241.2m at 30 June 2021 from US$700.4m at 31 December
2020 (31 March 2021:
US$290.7m) following completion of
the capital restructuring in March
2021
- Unrestricted cash of US$156.9m at
30 June 2021 (31 March 2021: US$139.8m; 31 December
2020: US$92.4m) with an
additional US$7.7m of undrawn banking
facilities
- Diamond debtors of US$38.3m at
30 June 2021 (31 March 2021: US$2.6m), given the close proximity of the
June 2021 tender to Year end, with
debtors settling shortly after Year end
- Diamond inventory valued at US$54.3m at 30 June
2021 (31 March 2021:
US$75.5m)
- The ZAR/USD exchange rate closed the Period at ZAR14.27/USD1
(FY2020: ZAR17.32/USD1), with an average rate for FY2021 of
ZAR15.41/USD1 (FY2020: ZAR15.68/USD1)
- Outlook and FY 2022 guidance:
- FY 2022 production guidance of 3.3 to 3.6 Mcts, with the South
African operations estimated to contribute ca. 3.1 to 3.4 Mcts and
Williamson, where plans are currently being refined to allow
operations to restart during Q1 FY 2022, estimated to add between
0.22 to 0.27 Mcts for the Year
- Discussions with the Government of Tanzania to reach agreement on various issues
at the Williamson mine are ongoing, with a view to being concluded
during Q1 FY2022. The Company also reports that US$10m ofa VAT refunds were received from the
Tanzanian Revenue Authority in two separate payments during Q4 FY
2021
- Re-engineering projects initiated in July 2021 at Finsch and Koffiefontein to
comprehensively review and improve the mines’ cost bases and
enhance operating margins at current throughput levels
- Although the number of COVID cases have increased as a result
of a third wave of infections in South
Africa, there has been a limited impact on our SA
operations
- The recent unrest and rioting in SA has to date not impacted
our SA operations nor the supplies to the operations and will
continue to be closely monitored
- FY 2022 capex guidance of US$78
to US$92m
FY 2021 Production, Sales and Capex –
Summary
|
Unit |
FY
2021 |
FY
2020 |
Variance |
Gross revenue |
US$M |
406.9 |
295.8 |
+38% |
Total tonnes
treated |
Mt |
8.1 |
12.3 |
-34% |
Total diamonds
recovered |
Carats |
3,240,312 |
3,589,176 |
-10% |
Total capex |
US$M |
23.8 |
36.4 |
-35% |
FY 2022 Production, Opex and Capex –
Guidance
|
Cullinan |
Finsch |
Koffiefontein |
Williamson
(from Q2 FY 2022) |
Total |
Total carats
recovered (Mcts) |
1.70
- 1.90 |
1.32
- 1.40 |
0.06
- 0.07 |
0.22
- 0.27 |
3.3
- 3.6 |
ROM tonnes (Mt) |
4.2 -
4.4 |
2.75 -
2.85 |
0.72 -
0.75 |
3.6 -
4.0 |
|
ROM grade (cpht) |
37 -
39 |
48 -
50 |
8.0 -
8.5 |
6.2 -
6.7 |
Tailings tonnes
(Mt) |
0.44 |
0.07 |
- |
- |
Tailings grade
(cpht) |
36 -
37 |
16 -
17 |
- |
- |
Cash on-mine
costs1 (US$M) |
95 -
105 |
90
- 98 |
30 - 34 |
52 - 56 |
267 - 293 |
Expansion
Capex1 (US$M) |
37 -
41 |
13
- 16 |
0 - 1 |
- |
50 - 58 |
Sustaining
Capex1 (US$M) |
11 -
13 |
8 - 9 |
1 - 2 |
8
- 10 |
28 - 34 |
Notes:
- Foreign exchange rate of ZAR14.50:USD1 used
to calculate US$-equivalent amounts for SA operations in the table
above.
Richard
Duffy, Chief Executive of Petra Diamonds, commented:
“The Petra team has navigated a
difficult FY2021 by delivering credible results whilst addressing
numerous challenges around COVID-19 and the completion of our
capital restructuring. This makes Cullinan’s record performance,
driven by Project 2022, all the more noteworthy. We enter FY 2022
with a considerably strengthened balance sheet and a more
supportive diamond market than we have seen for some time.”
Conference Calls
Petra’s Chief Executive, Richard
Duffy, and Finance Director, Jacques
Breytenbach, will host a conference call at 9:30am and at 4pm
BST today to discuss the Trading Update with investors and
analysts. Please see below for dial in details.
Trading Update
Health and safety
The Lost Time Injury Frequency Rate (LTIFR) for FY 2021
increased to 0.44 (FY 2020: 0.29). The LTIs during the Period were
mostly behavioural in nature and of low severity but are
nevertheless concerning. A number of remedial actions have been
taken, and various behaviour-based intervention programmes
launched, which resulted in an improving trend during the Year. The
total number of injuries during FY 2021, which includes LTIs,
decreased to 42 (FY 2020: 45). Petra continues to target a
zero-harm working environment.
COVID-19 continues to pose a significant risk to the health and
safety of the Group’s workforce. Petra has implemented systems and
strategies across all its operations aimed at preventing and/or
containing the spread of the virus. To date, there have been 589
confirmed cases amongst the Company’s workforce. More information
on the Company’s response to the pandemic is available on its
website:
https://www.petradiamonds.com/sustainability/health-and-safety/our-response-to-covid-19/.
Production and Operations
FY2021 production decreased 10% to 3,240,312 carats (FY 2020:
3,589,176 carats), notwithstanding record annual production from
Cullinan, of 1.94Mcts. As previously announced, production at
Finsch was impacted by unexpected levels of waste ingress during Q2
FY 2021, with subsequent mitigating measures reducing throughput
during the second half of the Year. In addition, production at both
Finsch and Koffiefontein was impacted by the high level of rainfall
during the third quarter. These factors, combined with the
Williamson mine remaining on care and maintenance throughout FY
2021, resulted in the Group’s ROM tonnages for the Year decreasing
by 33% to 7.7Mt (FY2020: 11.5Mt).
Diamond market
Positive demand for rough diamonds continued in Q4 FY 2021
driven by strong consumer demand in the key retail markets, notably
the US and China, coupled with low
inventories and the return of capacity in the midstream in
India. Demand was also supported
by upstream supply discipline and shortages in some areas.
Demand for rough diamonds is expected to remain robust in the
second half of CY2021, with retailers anticipating continued strong
consumer demand. The Company continues to closely monitor the
impact of COVID-19 on its clients’ ability to attend tenders and
will continue its flexible approach in planning its upcoming sales
events.
Diamond
Sales
FY 2021 revenue increased 38% to US$406.9m (FY 2020: US$295.8m) driven by sales from Exceptional
Stones contributing US$60.2m during
the Year (FY 2020: US$14.9m); the
highest annual contribution to revenues from the sale of
Exceptional Stones. On a like for like basis, realised diamond
prices in Q4 FY 2021 increased ca. 5.7% from those achieved in Q3
FY 2021.
The Company managed to make use of improving market conditions
towards the end of the Period to dispose of low value stock built
up in previous periods; this resulted in additional sales of
US$3.1m, releasing ca. 141,000
carats, which caused some dilution in average prices achieved in Q4
FY 2021. The table below reflects average prices achieved for
normal ROM sales in Q4 FY2021 and FY 2021, and the impact of the
low value stock sold in Q4 FY 2021 on the average prices for the
respective periods. In addition to the sale of low value stock, the
ROM average price for Koffiefontein in Q4 FY2021 was impacted by
low volumes and poor product quality.
|
Q4 FY
2021 |
FY
2021 |
FY 2020 |
ROM
Sales
(US$/carat) |
Low value stock
sold
(US$/carat) |
Average
price
(US$/carat) |
ROM
Sales
(US$/carat) |
Low value stock
sold
(US$/carat) |
Average
price
(US$/carat) |
Average
price
(US$/carat) |
Cullinan1 |
124 |
12 |
112 |
114 |
12 |
111 |
98 |
Finsch |
94 |
32 |
84 |
79 |
32 |
77 |
75 |
Koffiefontein |
270 |
25 |
233 |
440 |
25 |
419 |
387 |
Williamson |
- |
- |
- |
150 |
- |
150 |
177 |
1 Prices include Exceptional stones
In April 2021 the Company
announced the recovery of an exceptional 39.34ct blue stone from
the Cullinan mine. The diamond was sold via a special tender post
Period end to a partnership between De Beers and Diacore for
US$40.2m, or US$1,021,357 per carat. This is the highest price
Petra has ever achieved for a single stone.
Project 2022 Update
The implementation of throughput ideas remains the largest
contributor to improving operational cash flow, led by Cullinan’s
record recovery of 1.94Mcts in FY 2021. Due to reduced throughput
at Finsch, Koffiefontein and Williamson, expectations on the
annualised contribution from throughput initiatives were reduced to
around US$50m in the Company’s
previous Trading Update. The Company remains confident that it will
achieve the annualised contribution of US$50m, supported by measures taken to curtail
the waste ingress at Finsch.
Initiatives undertaken to drive cost efficiencies are expected
to contribute an annualised US$20m
going into FY 2022 and remains unchanged from previous
guidance.
The Project 2022 Organisational Design Review was completed
during FY 2021 and will result in updated role descriptions
providing for clearer line of site and improved accountability.
Corporate and Financial
Consolidated net debt reduced further to US$241.2m as at 30 June
2021 from US$290.7m at the end
of March 2021, and US$693.2m as at 30 June
2020.
Petra Diamonds had unrestricted cash of US$156.9m (30 June
2020: US$67.6m), available
undrawn banking facilities of US$7.7m
(30 June 2020: US$ nil), diamond
debtors of US$38.3m (30 June 2020: US$4.8m) with the June
2021 tender closing at Period-end, and debtors settling
shortly thereafter, and diamond inventory valued at US$54.3m as at 30 June
2021 (30 June 2020:
US$84.1m). Both Diamond Debtors and
Diamond Inventory for FY 2020 were significantly impacted by the
inability to host tenders during Q4 FY 2020 following the initial
COVID-19 outbreak.
Update on community and remedial
programmes at the Williamson Mine
On 12 May 2021, the Company
announced that it had reached a settlement, on a no admission
of liability basis, in relation to claims brought in London by the UK law firm Leigh Day, on behalf
of a number of anonymous claimants. These related to
alleged breaches of human rights, associated with third-party
security operations, within the Special Mining Licence area of the
Williamson Diamond Mine.
The agreed total settlement figure included significant funds
which Petra has committed to invest in restorative projects
dedicated to providing long-term sustainable support to the
communities living around the mine. In addition, both the Company
and Williamson Diamonds Limited have taken a number of actions,
which are detailed in the announcement published on 12 May 2021 titled ‘Findings of the independent
Board Sub-Committee’. The announcement can be accessed on the
Company’s website:
https://www.petradiamonds.com/our-operations/our-mines/williamson/allegations-of-human-rights-abuses-at-the-williamson-mine/
Having already established the Operational Grievance Mechanism
for complaints and grievances related to operational impacts, the
Company has continued with the process of the design and
implementation of a non-judicial, Independent Grievance Mechanism
to address allegations of severe human rights impacts. A series of
engagements with Government Ministries and Agencies, Civil Society
and NGOs were conducted in Dodoma and Dar es Salaam, seeking
feedback and support on the proposed design of the Independent
Grievance Mechanism. The company has specialist external support
from Synergy Global Consulting in the development of this process.
Synergy is a specialist international consultancy with over twenty
years’ experience working with companies, governments and
community-based organisations.
Shortly after Period end, Petra Diamonds Limited paid in excess
of £1m into an escrow account to fund the restorative programmes,
which will benefit the communities surrounding the mine. Synergy
has been formally appointed to manage these funds, and they will
work closely with the communities and local NGOs on the formulation
and implementation of these programmes.
The programmes are intended to provide long term sustainable
benefits to local communities through income generating projects.
These include:
- feasibility studies into a formalised artisanal tailings
project at the mine and an agri-business project;
- the establishment of enhanced community clinical and medical
support;
- managed access to parts of the mine for local residents to
collect firewood and graze animals and
- the launch of a Gender Based Violence campaign to raise
awareness and provide specific support and counselling for victims
of gender-based violence.
During the period from 1 April to the end of June 2021, there were a total of 109 incidents of
illegal incursions onto the Williamson mine lease area, resulting
in three illegal diggers suffering minor injuries and being
provided with treatment at the Mwadui hospital and another local
medical facility before being discharged. We believe the contracted
security teams and Tanzanian police acted in accordance with the
Voluntary Principles on Security and Human Rights. There was some
damage caused to police and contracted security provider vehicles
in 5 of the incidents. A total of 18 arrests were made over this
three-month period.
In addition to the local community projects mentioned above, the
Company is also continuing its engagement with communities around
the mine to highlight the dangers of illegal mining, seeking to
reduce illegal incursions onto the Williamson mine lease area.
The Company will continue to monitor the effects of the actions
taken to date and is committed to the programmes and initiatives
detailed in its 12 May announcement referenced above.
Board
Following completion of the capital restructuring, the
appointment of Mr. Matthew Glowasky
as a Non-Independent Non-Executive Director of the Company became
effective; his prospective appointment was initially announced on
22 December 2020.
On 1 July 2021 the Company
announced the appointment of Deborah
Gudgeon as an Independent Non-Executive Director and
Chair-designate of the Audit and Risk Committee. In addition,
on 1 July 2021 Alexandra Watson and
Johannes Bhatt were both appointed
as Non-Independent Non-Executive Directors, having been nominated
by Franklin Templeton, and Monarch
Master Funding 2 (Luxembourg)
S.a.r.l. respectively. The Company welcomes the new Directors to
the Board; together they bring a wealth of experience,
complementing that of our existing Directors, and their
appointments leave the Board well placed to take the Company
forward.
~ Ends ~
Conference Calls:
Participants may join the 9:30am
BST call by dialling one of the following numbers shortly
before the call:
First Call - 9:30am BST
From the UK: 0330 606 1118
From South Africa (toll free):
80 006 4559
From the rest of the world: +44 330 606 1118
Room Number: 501857
Participant passcode: 9758
A replay of the conference call will be available on the
following numbers:
From the UK: 0330 606 1118
From the US (toll free): (877) 890-2416
From South Africa (toll free):
80 006 4559
From the rest of the world: +44 330 606
1118
Playback passcode: 400872
Second Call – 4:00pm BST
An additional conference call to cater for North American and
other international investors will be held at 4:00pm BST today. Participants are advised to
listen to the replay of the first conference call in advance of
this call.
From the United States (toll
free): (877) 890-2416
From the UK: 0330 606 1118
From South Africa (toll free):
80 006 4559
From the rest of the world: +44 330 606 1118
Room Number: 501857
Participant passcode: 9578
For further information, please
contact:
Petra Diamonds,
London
Telephone: +44 20 7494 8203
Marianna
Bowes investorrelations@petradiamonds.com
Des Kilalea
Julia Stone
Notes:
- The following definitions have been used in this
announcement:
- Exceptional Stones: diamonds with a valuation and selling
price of US$5m or more per
stone
- cpht: carats per hundred tonnes
- Kcts: thousand carats
- Kt: thousand tonnes
- LOM: life of mine
- LTI: lost time injury
- LTIFR: lost time injury frequency rate
- 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
- m: million
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 strives to conduct 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'. The Company’s
US$337m loan notes due in 2026 will
be listed on the Global Exchange market of the Irish Stock
Exchange. For more information, visit www.petradiamonds.com.
APPENDIX – CORPORATE & FINANCIAL
AND PRODUCTION, SALES & CAPEX TABLES
|
Unit |
30
June 2021 |
31
March 2021 |
31
December 2020 |
30
June
2020 |
Closing exchange
rate used for conversion |
|
R14.27:US$1 |
R14.77:US$1 |
R14.69:US$1 |
R17.32:US$1 |
Cash at bank
(including restricted cash) |
US$M |
173.0 |
153.8 |
106.3 |
67.6 |
Diamond
inventories1 |
US$M
Carats |
54.3
637,676 |
75.5
1,020,973 |
105.0
1,385,402 |
84.1
1,357,584 |
Diamond debtors |
US$M |
38.3 |
2.6 |
3.7 |
4.8 |
US$336.7m loan notes
(issued March 2021)2 |
US$M |
347.8 |
338.7 |
- |
- |
US$650m loan notes
(issued April 2017)3 |
US$M |
- |
- |
702.0 |
676.9 |
Bank loans and
borrowings4 |
US$M |
104.7 |
108.4 |
61.2 |
52.1 |
BEE partner bank
facilities4 |
US$M |
- |
- |
47.2 |
40.0 |
Bank facilities
undrawn and available4 |
US$M |
7.7 |
10.8 |
- |
- |
Consolidated net
debt5 |
US$M |
241.2 |
290.7 |
700.4 |
693.2 |
Notes:
- Recorded at the lower of cost and net realisable
value.
- The US$336.7m loan notes
represents the gross capital of US$336.7m of notes, plus accrued interest until
the end of the relevant periods, issued following the restructuring
completed during March 2021.
- The US$650m loan notes
represents the gross capital of US$650m of notes issued on April 2017, plus accrued and unpaid interest for
the relevant periods; these loan notes were settled in full
following the restructuring completed during March 2021.
- Bank loans and borrowings represent amounts drawn under the
Group’s refinanced South African bank facilities as part of the
restructuring and comprises the ZAR1.1
billion term loan (US$76.6m)
and ZAR401.5m (US$28.1m) drawn under the ZAR509.6m (US$35.7m) revolving credit facility. Under the
revolving credit facility, ZAR109.6m
(US$7.7m) remains undrawn and
available. During FY2021 and as part of the restructuring, the BEE
partner bank facilities (which comprised the BEE guarantees) were
settled by the Group through proceeds of the ZAR1.2 billion term loan.
- Consolidated Net Debt is bank loans and borrowings plus loan
notes, less cash, less diamond debtors and includes the Black
Economic Empowerment guarantees of ZARnil as at 30 June 2021 (ca. US$40.0m (ZAR693.6m) as at 30 June
2020).
Group Production, Sales and Capex –
Summary
|
Unit |
FY
2021 |
FY
2020 |
Variance |
Sales |
|
|
|
|
Diamonds sold |
Carats |
3,960,475 |
2,895,497 |
37% |
Revenue |
US$M |
406.9 |
295.8 |
38% |
|
|
|
|
|
Production |
|
|
|
|
ROM diamonds |
Carats |
3,057,860 |
3,442,593 |
-11% |
Tailings &
other1 diamonds |
Carats |
182,452 |
146,583 |
+24% |
Total
diamonds |
Carats |
3,240,312 |
3,589,176 |
-10% |
|
|
|
|
|
Tonnages |
|
|
|
|
ROM tonnes |
Mt |
7.7 |
11.5 |
-33% |
Tailings &
other1 tonnes |
Mt |
0.4 |
0.8 |
-50% |
Total
tonnes |
Mt |
8.1 |
12.3 |
-34% |
|
|
|
|
|
Capex |
|
|
|
|
Expansion |
US$M |
16.9 |
21.8 |
-23% |
Sustaining |
US$M |
6.9 |
14.6 |
-53% |
Total |
US$M |
23.8 |
36.4 |
-35% |
Notes:
- 'Other' represents alluvial diamond mining at
Williamson.
Cullinan – South Africa
|
Unit |
H2
FY 2021 |
H1
FY 2021 |
FY 2021 |
FY 2020 |
Variance |
Sales |
|
|
|
|
|
|
Revenue |
US$M |
143.3 |
107.3 |
250.6 |
116.5 |
+115% |
Diamonds sold |
Carats |
1,366,300 |
894,758 |
2,261,058 |
1,183,745 |
+91% |
Average price per carat |
US$ |
105 |
120 |
111 |
98 |
+13% |
|
|
|
|
|
|
|
ROM Production |
|
|
|
|
|
|
Tonnes treated |
Tonnes |
2,275,329 |
2,339,473 |
4,614,802 |
3,972,682 |
+16% |
Diamonds produced |
Carats |
847,864 |
913,626 |
1,761,490 |
1,482,482 |
+19% |
Grade1 |
Cpht |
37.3 |
39.1 |
38.2 |
37.3 |
+2% |
|
|
|
|
|
|
|
Tailings Production |
|
|
|
|
|
|
Tonnes treated |
Tonnes |
224,153 |
221,385 |
445,538 |
257,549 |
+73% |
Diamonds produced |
Carats |
86,436 |
96,016 |
182,452 |
95,918 |
+90% |
Grade1 |
Cpht |
38.6 |
43.4 |
41.0 |
37.2 |
+10% |
|
|
|
|
|
|
|
Total Production |
|
|
|
|
|
|
Tonnes treated |
Tonnes |
2,499,481 |
2,560,858 |
5,060,339 |
4,230,231 |
+20% |
Diamonds produced |
Carats |
934,300 |
1,009,642 |
1,943,942 |
1,578,400 |
+23% |
|
|
|
|
|
|
|
Capex |
|
|
|
|
|
|
Expansion Capex |
US$M |
9.3 |
5.2 |
14.5 |
13.0 |
+12% |
Sustaining Capex |
US$M |
1.6 |
0.7 |
2.3 |
3.4 |
-32% |
Total Capex |
US$M |
10.9 |
5.9 |
16.8 |
16.4 |
+2% |
Notes:
- The Company is not able to precisely measure the ROM /
tailings grade split because ore from both sources is processed
through the same plant; the Company therefore back-calculates the
grade with reference to resource grades.
Finsch – South Africa
|
Unit |
H2
FY 2021 |
H1
FY 2021 |
FY 2021 |
FY 2020 |
Variance |
Sales |
|
|
|
|
|
|
Revenue |
US$M |
68.7 |
54.8 |
123.5 |
101.1 |
+22% |
Diamonds sold |
Carats |
833,665 |
768,647 |
1,602,312 |
1,348,181 |
+19% |
Average price per carat |
US$ |
82 |
71 |
77 |
75 |
+3% |
|
|
|
|
|
|
|
ROM Production |
|
|
|
|
|
|
Tonnes treated |
Tonnes |
988,195 |
1,323,000 |
2,311,195 |
2,719,389 |
-15% |
Diamonds produced |
Carats |
541,911 |
695,308 |
1,237,219 |
1,603,678 |
-23% |
Grade1 |
Cpht |
54.8 |
52.6 |
53.5 |
59.0 |
-9% |
|
|
|
|
|
|
|
Tailings Production |
|
|
|
|
|
|
Tonnes treated |
Tonnes |
0 |
0 |
0 |
211,541 |
-100% |
Diamonds produced |
Carats |
0 |
0 |
0 |
39,890 |
-100% |
Grade1 |
Cpht |
0 |
0 |
0 |
18.9 |
-100% |
|
|
|
|
|
|
|
Total Production |
|
|
|
|
|
|
Tonnes treated |
Tonnes |
988,195 |
1,323,000 |
2,311,195 |
2,930,930 |
-21% |
Diamonds produced |
Carats |
541,911 |
695,308 |
1,237,219 |
1,643,568 |
-25% |
|
|
|
|
|
|
|
Capex |
|
|
|
|
|
|
Expansion Capex |
US$M |
0.9 |
0.8 |
1.7 |
6.1 |
-72% |
Sustaining Capex |
US$M |
1.8 |
0.5 |
2.3 |
2.3 |
0% |
Total Capex |
US$M |
2.7 |
1.3 |
4.0 |
8.4 |
-52% |
Note:
- The Company is not able to precisely measure the ROM /
tailings grade split because ore from both sources is processed
through the same plant; the Company therefore back-calculates the
grade with reference to resource grades.
Koffiefontein – South Africa
|
Unit |
H2
FY 2021 |
H1
FY 2021 |
FY 2021 |
FY 2020 |
Variance |
Sales |
|
|
|
|
|
|
Revenue |
US$M |
16.8 |
11.2 |
28.0 |
25.7 |
+9% |
Diamonds sold |
Carats |
47,706 |
18,944 |
66,650 |
66,326 |
0% |
Average price per carat |
US$ |
352 |
590 |
419 |
387 |
+8% |
|
|
|
|
|
|
|
ROM Production |
|
|
|
|
|
|
Tonnes treated |
Tonnes |
260,708 |
493,661 |
754,369 |
891,705 |
-15% |
Diamonds produced |
Carats |
23,239 |
35,912 |
59,151 |
69,077 |
-14% |
Grade |
Cpht |
8.9 |
7.3 |
7.8 |
7.7 |
+1% |
|
|
|
|
|
|
|
Total Production |
|
|
|
|
|
|
Tonnes treated |
Tonnes |
260,708 |
493,661 |
754,369 |
891,705 |
-15% |
Diamonds produced |
Carats |
23,239 |
35,912 |
59,151 |
69,077 |
-14% |
|
|
|
|
|
|
|
Capex |
|
|
|
|
|
|
Expansion Capex |
US$M |
0.3 |
0.3 |
0.6 |
2.7 |
-78% |
Sustaining Capex |
US$M |
0.8 |
0.3 |
1.1 |
1.1 |
0% |
Total Capex |
US$M |
1.1 |
0.6 |
1.7 |
3.8 |
-55% |
Williamson – Tanzania
|
Unit |
H2
FY 2021 |
H1
FY 2021 |
FY 2021 |
FY 2020 |
Variance |
Sales |
|
|
|
|
|
|
Revenue |
US$M |
0 |
4.6 |
4.6 |
52.5 |
-91% |
Diamonds sold |
Carats |
0 |
30,339 |
30,339 |
297,245 |
-90% |
Average price per carat |
US$ |
0 |
150 |
150 |
177 |
-15% |
|
|
|
|
|
|
|
ROM Production |
|
|
|
|
|
|
Tonnes treated |
Tonnes |
0 |
0 |
0 |
3,980,438 |
-100% |
Diamonds produced |
Carats |
0 |
0 |
0 |
287,356 |
-100% |
Grade |
Cpht |
0 |
0 |
0 |
7.2 |
-100% |
|
|
|
|
|
|
|
Alluvial Production |
|
|
|
|
|
|
Tonnes treated |
Tonnes |
0 |
0 |
0 |
302,567 |
-100% |
Diamonds produced |
Carats |
0 |
0 |
0 |
10,774 |
-100% |
Grade |
Cpht |
0 |
0 |
0 |
3.6 |
-100% |
|
|
|
|
|
|
|
Total Production |
|
|
|
|
|
|
Tonnes treated |
Tonnes |
0 |
0 |
0 |
4,283,005 |
-100% |
Diamonds produced |
Carats |
0 |
0 |
0 |
298,130 |
-100% |
|
|
|
|
|
|
|
Capex |
|
|
|
|
|
|
Expansion Capex |
US$M |
0.0 |
0.0 |
0.0 |
0.0 |
0% |
Sustaining Capex |
US$M |
0.0 |
0.3 |
0.3 |
8.0 |
-96% |
Total Capex |
US$M |
0.0 |
0.3 |
0.3 |
8.0 |
-96% |
Note:
- Negatively impacted by the 71,654 carat parcel blocked for
export.
CAPEX RECONCILIATION
Capex |
Unit |
FY
2021 |
FY
2020 |
Cullinan |
US$M |
16.8 |
16.4 |
Finsch |
US$M |
4.0 |
8.4 |
Koffiefontein |
US$M |
1.7 |
3.8 |
Williamson |
US$M |
0.3 |
8.0 |
Subtotal – Capex
incurred by operations |
US$M |
22.8 |
36.6 |
Corporate /
exploration |
US$M |
1.0 |
-0.2 |
Total Group
Capex |
US$M |
23.8 |
36.4 |
Notes:
- Petra operates an internal projects / construction division
and, although this division’s spend is reported in the Group’s
total Capex, it is policy not to account for it on a specific
mine’s Capex until the work completed is invoiced to the relevant
operation.
- Petra’s annual Capex guidance is cash-based and excludes
capitalised borrowing costs.