Business
Company update and appointment of Chief Finan...
Company update and appointment of Chief Finan....
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n\n \n \n\n\n\n\n \t\t\t\t\t\t\t\t\t27 June 2024\t\t\t\t\t\t\t\t\t LSE: PDL\t\t\t\t\t\t Petra Diamonds Limited(Petra, the Company or the Group) Company update and appointment of Chief Financial Officer Petra will be hosting an Investor Day in London today at 14:00 BST. This will include an overview of revised Life-of-Mine (LOM) plans for Cullinan Mine and Finsch as well as the long-term potential of these assets. We will also provide a brief update on the business, current state of the diamond market, a financial overview of the Company and 5-year guidance. A presentation will be published on our website at 2pm BST: https://www.petradiamonds.com/investors/results-reports-presentations/. The event is being hosted in person and online, with details below. Richard Duffy, Chief Executive at Petra, commented: “We have worked hard to deliver an updated business profile in response to ongoing market challenges and to further enhance our resilience to future market and capital cycles. We are pleased to present a de-risked production profile focused on sustainable cash generation, having reduced costs by US$30 million annually from FY 2025 and delivering a smoothed capital programme self-funded until at least the early 2030s. In doing so, we provide a compelling value proposition, while positioning for a successful refinancing of our 2026 2L Notes. We also announce today the appointment of Johan Snyman as CFO from October. Johan has made significant contributions to Petra since joining in January and I look forward to working with him in his new role.” Highlights include: \tSustainable reduction in operating costs of US$30m per annum from FY 2025\tTotal capital (development and sustaining capital) profile smoothed to c.US$100m per annum at Petra’s South African operations to target free cash generation through the cycle\tApproved extension projects expected to be self-funded \tProduction growth to over 3.4 Mcts expected by FY 2028\tCullinan Mine LOM potential to FY 2048 with new shaft for D-Cut not required before 2035 (subject to further studies)\tFinsch LOM potential to FY 2038 CFO Succession Petra is also pleased to announce the appointment of Johan Snyman as Chief Financial Officer, with effect from 1 October 2024. Johan will succeed Jacques Breyte...