Petra Diamonds Ltd - Diamond miner in South Africa and Tanzania - Pretax loss widens to $136 million in the financial year ended June 30, from $39 million a year prior. Revenue climbs 13% to $367 million from $325 million. The average realised price per carat declines by 17% to $116 from $139. Mining and processing costs increase 32% to $393 million from $297 million. Total net operating costs increase 57% to $479 million from $305 million.
Looking ahead, Chief Executive Officer Richard Duffy says: ‘In the coming months, our balance sheet remains the priority, and we are assessing options for the refinancing of our 2L Notes that mature in March 2026, and have started discussions with potential lenders.’ He adds: ‘We acknowledge the difficult market conditions through FY 2024 and believe that prices will stabilise through to the end of CY 2024 with some improvement expected in CY 2025. Ongoing discipline by producers is expected to assist in rebalancing inventory across the pipeline. We continue to see supportive market fundamentals in the medium and longer term.’
Current stock price: 27.60 pence per share, down 1.8% on Tuesday afternoon in London
12-month change: down 61%
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