Business
Q1 FY 2022 Trading Update
Q1 FY 2022 Trading Update.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n \n \n \n \n 26 October 2021\n \n \n LSE: PDL\n \n \n \n Petra Diamonds Limited\n (\"Petra\" or the \"Company\" or the “Group”)\n Q1 FY 2022 Trading Update\n Petra Diamonds Limited announces the following unaudited Trading Update for the three months ended 30 September 2021 (“Q1 FY 2022”, “Q1” or the “Quarter”).\n Richard Duffy, Chief Executive of Petra Diamonds, commented:\n “It is pleasing to see the improvement in our safety performance, which is due to the unrelenting focus of our team on striving for a zero-harm work environment. The Company has delivered a very strong revenue result due to the contribution of Exceptional Stone sales, supported by the continued strength in the diamond market. Production was lower than Q1 FY 2021, due to planned decreases in tonnages and grade as part of the strategy to mitigate the waste ingress at the Finsch mine, but a significant improvement over the previous quarter and remains on track to deliver full year guidance”\n Note: all figures in this announcement, unless indicated otherwise, exclude the Williamson mine in Tanzania, which is currently classified as an asset held for sale.\n Q1 FY 2022 Summary:\n \n Lost Time Injury Frequency Rate (“LTIFR”) down 52% to 0.31 (Q1 FY 2021: 0.65), reflecting the positive impact of remedial actions and behaviour-based intervention programmes launched during FY 2021. Total injuries, including LTIs down 38% to eight (Q1 FY 2021: 13).\n Production totalled 861,991 carats, increasing 8% on the preceding quarter (Q4 FY 2021: 794,952 carats), following steps to address the impact of waste ingress at the Finsch mine; year-on-year production down 12% (Q1 FY 2021: 974,346 carats), largely attributable to Finsch’s high levels of production before the impact of the waste ingress and resultant planned decrease in throughput and grade to mitigate its impact from Q2 FY 2021.\n At the end of the Quarter, the Cullinan mine experienced tunnel convergence in Tunnel 41 (“T41”) on the eastern side of the C-Cut block cave, impacting 18 of a total 187 draw points. Mitigating steps are being evaluated. Group production guidance for FY 2022 remains unchanged, although Cullinan’s production is now expected to be towards the bottom half of the Company’s earlier guidance of 1.7 to 1.9 Mcts, if no mitigating steps are taken.\n Revenue up 48% to US$114.9 million (Q1 FY ...