SUMMARY
Lost Time Injury Frequency Rate ('LTIFR') of 0.22 (H1 FY 2019: 0.16 and FY 2019: 0.21). Petra remains committed to achieving a zero harm working environment.
H1 production up 3% to 2,070,240 carats (H1 FY 2019: 2,019,147 carats). Petra is currently on track to meet or exceed FY 2020 production guidance of ca. 3.8 Mcts, as some of the Project 2022 throughput benefits are starting to deliver.
H1 revenue down 6% to
Q2 FY 2020 saw growing stability in pricing as the calendar year closed. Post Period end, demand has continued to improve as the midstream looks to replenish inventory. Early indications are that rough pricing has improved modestly to date in Q3 FY 2020.
All the Project 2022 workstreams (at mine and Group level) are being implemented and are progressing well. The throughput work stream (comprising 75% of the Project 2022 target) has contributed to the improved production performance and assisted in the delivery of a record level of ROM tonnes mined in H1 FY 2020.
Net debt at
The Company's
ZAR:USD exchange rate volatility continued during the Period (averaging R14.69/
'It is also encouraging that rough diamond pricing has modestly improved moving into our third quarter. The health of the market will depend on continued supply discipline from the majors as well as macro-economic conditions.
'Lastly, I would like to welcome Thashmi Doorasamy to the Petra executive team. Thashmi will assume the new role of Group Human Resources and Public Affairs Executive, effective
Contact:
Tel: +44 20 7494 8203
About
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
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. 250 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
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