Petra's Losses Widen as Revenue Falls

(IDEX Online) - Petra Diamonds' first-half net losses more than doubled to $188m, compared to those for H1 FY 2025, as revenue fell, debts increased and the global slowdown in demand for natural demands persisted.

But the UK-based miner said it was looking forward to greater stability after it renegotiated looming debt deadlines and raised $25m from a rights issue.

Petra also said it was pleased with the continued improvement to its product mix during the six months to 31 December 2025 and the recovery of a 41.82-carat Type IIb blue stone at Cullinan last December.

But it noted that average like-for-like prices in Q2 FY 2026 were down 20% on the previous quarter and the increasing strength of the rand against the US dollar.

The timing of its tenders also meant fewer high-value sales fell into H1.

Net losses after tax for H1 FY 2026 were up from $69m in H1 FY 2025 to $188m, an 172% increase.

Revenue fell 13% from $115m to $100m from the sale of 963,000 carats, down 13% from H1 FY 2025, and consolidated net debt increased 32% to $284m.

Petra now operates two mines - Cullinan and Finsch mines in South Africa - after selling off Williamson (in Tanzania) and Koffiefontein (in South Africa) in recent years as part of a restructuring plan.

Joint CEOs Vivek Gadodia and Juan Kemp said they remained focused on consistent production, disciplined cost and working capital optimization, and the effective execution of their capital program.

Pic of the 41.82-carat blue diamond, courtesy Petra.