Petra's production down; reports lower revenue in September

South Africa-focused diamond miner Petra Diamonds reported that its production in Q3 2022 (the company's Q1 FY 2023) was down 13% year-over-year to 763,220 carats due to lower grades at Cullinan Mine and Finsch but 2% higher than the prior quarter.

The company said that its production guidance for FY 2023 remains unchanged, although production is now expected to be at the lower end of guidance.

Petra also noted that its quarterly revenue amounted to US$104.3 million (Q1 FY 2022: US$114.9 million, Q4 FY 2022: US$179.8 million).

CEO Richard Duffy commented, "Petra continued its solid and safe operating performance into the first quarter of FY 2023. We maintain our production guidance for the year, although expect this will be towards the lower end of the range for Cullinan Mine and Finsch.

"We are very pleased with the successful tender offer for our bonds that has further strengthened our balance sheet through a reduction in gross debt of US$143.6m over the quarter which will save Petra some US$14m in annual interest payments."

Petra Diamonds is a leading independent diamond mining group and a supplier of gem quality rough diamonds to the international market. The company's portfolio incorporates interests in three underground producing mines in South Africa (Finsch, Cullinan Mine and Koffiefontein) and one open pit mine in Tanzania (Williamson).