Petra Makes a Further Cut to Price Forecast
January 22, 25
(IDEX Online) - Petra says it is making a further cut to price forecasts for one of its mines, following a 7 per cent drop in like-for-like prices at its last tender of 2024.
Last month it reduced assumptions for all three of its mines - Cullinan and Finsch in South Africa, and Williamson, in Tanzania.
In its H1 FY 2025 Operating Update published yesterday (21 January) it said it would further reduce the price assumption for Finsch from $80 - $90 to $70 - $80.
Cullinan remains at $120 to $130 ($125 to $135 before the December cut), and Williamson at $170 to $200 (down from $200 to $225 before the December cut).
"Our third tender of FY 2025 showed ongoing diamond price weakness at the end of CY 2024," the company said, "although we are encouraged by recent reports of stronger online jewellery demand in the US and stronger jewellery demand in India over the festive season and Diwali, respectively."
In production terms CEO Richard Duffy said Petra had delivered a solid operating performance in Q2 FY 2025, and its FY 2025 production guidance remained unchanged at 2.8m cts to 3.1m cts.
Pic shows the Finsch mine.