Business
Q4 and FY 2023 Operating Update
Q4 and FY 2023 Operating Update.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n\n\n \n \n\n\n\n\n18 July 2023\n\n\n LSE: PDL\n\n\n\n\n \n \nPetra Diamonds Limited\n(\"Petra\" or \"the Company\")\n \nQ4 and FY 2023 Operating Update and Guidance for FY 2024 to FY 2026\n \nPetra remains on track to deliver strong production growth supported by the restart of Williamson ahead of plan\n \nRichard Duffy, Chief Executive Officer of Petra, commented:\n \n\"With an operational turnaround underway at Finsch, the restart of Williamson ahead of schedule and our capital projects on-track to deliver incremental growth, we are reiterating guidance for annual group production to increase by up to one million carats in FY 2025 and issuing further guidance of up to an additional 300kct increase for FY 2026. Operations at both Cullinan Mine and Finsch are now largely stabilised, enabling us to focus on reducing waste dilution and improving grades. These advancements have been supported by a much improved safety performance in Q4 FY 2023.\n \nMitigating steps have been successfully implemented to address grade issues experienced at Cullinan Mine and Finsch in the final quarter that resulted in FY 2023 production coming in marginally below guidance. Grades at both operations have now reverted to planned levels.\n \nAs previously announced, our strong balance sheet and flexible sales process enabled us to postpone the majority of our Tender 6 rough diamond sales into FY 2024 on the back of what we believe to be a temporary slowdown in demand for rough diamonds. We continue to expect a supportive diamond market in the medium to longer term as a result of the structural supply deficit, which will benefit our strong growth profile.\"\n \nHighlights\n \n· LTIs and the LTIFR in Q4 FY 2023 reduced to 2 and 0.12, respectively, following our renewed safety focus directed at addressing the regression seen in previous quarters\n· Total diamond production decreased 5% to 620,018 carats from the previous quarter due to lower grades at Cullinan Mine and Finsch, with remediation steps now implemented at both mines. As a result, FY 2023 production of 2.67 Mcts (FY 2022: 3.35 Mcts) was marginally below previous guidance of 2.75 - 2.85 Mcts\n· In June, US$7.8 million of sales were concluded to meet regulatory requirements to ...