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Petra Diamonds sales rise slightly in fourth tender cycle of FY24

(Sharecast News) - Mining company Petra Diamonds said on Friday that sales had slightly grown in 2024's fourth tender cycle, principally driven by higher prices throughout the period. Petra Diamonds sold 428,900 carats for $47.8m, a 4.0% increase in like-for-like prices compared to Tender 3, which closed in December 2023.

The London-listed group also noted that the results excluded a 14.76ct "exceptional colour and clarity blue gemstone" recovered from its Cullinan Mine, which Petra intends to sell on a standalone tender basis, expected to close towards the end of this month.

However, total year-to-date revenues from rough diamond sales were $235.6m, down from $278.5m in the first four tenders of 2023. Year-on-year volume variances were affected by the deferral of certain 2023 sale parcels sold as part of Tender 1 of 2024.

Like-for-like rough diamond prices improved by 4.0% on Tender 3, with higher prices achieved across all size categories, barring the 5.0-10.8ct size range, where prices were largely flat compared to the previous tender.

As of 1300 GMT, Petra shares were down 5.48% at 41.40p.

Reporting by Iain Gilbert at Sharecast.com

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