Production tumbled, revenue up at Petra Diamonds!
Standalone tender for Letlapa Tala Collection in November Petra Diamonds Limited announces the following unaudited Trading Update for the three months ended 30 September 2020, Q1 FY 2021. Q1 production down 10% to 974,346 carats against the same period-Q1 FY 2020 had remained of 1,082,764 carats, mainly due to the Williamson mine remaining on care and maintenance. Q1 revenue increased 33% to US$82.0 million over the Q1 FY 2020 of US$61.6 million, mainly due to the release of inventory carried over from Q4 FY 2020. Although diamond prices increased ca. 21% on a like-for-like basis at the September 2020 tender in comparison to the prices obtained following the Covid-19 outbreak, with a further ca. 2% increase at the October 2020 tender post Period end, prices are still down around 10% in comparison to pre-Covid-19 levels. Due to ongoing uncertainty around the impact of Covid-19, production guidance for FY 2021 remains suspended. While the mines are generally ope...