PETRA DIAMONDS LIMITED Subject to certain exceptions, Shareholders will shortly be sent a copy of the Prospectus or notification of the availability of the Prospectus. The Prospectus will also be available for inspection on the Company's website at www.petradiamonds.com/investors/2020-financial-restructuring/ and will be submitted to the National Storage Mechanism, where it will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The Prospectus contains a Notice of Special General Meeting of the Company to be held at
The Prospectus is not, subject to certain exceptions, available (whether through the Company's website or otherwise) to Shareholders in
The defined terms set out in the Prospectus apply in this Announcement.
Appointment of Non-Executive Director
In connection with the Debt for Equity Conversion and a Nomination Agreement entered into with Monarch Master Funding 2 (Luxembourg) S.a r.l., as described in the Prospectus, Mr.
Trading Update
The Company is also today providing the following update on Q2 FY 2021 trading, which has been included in the Prospectus. The Company expects to release its H1 FY 2021 Trading Update, giving production and sales for the first half of the 2021 financial year, on
The diamond market has continued to show improved demand for rough diamonds, as evidenced by the publicly disclosed sales from the majors De Beers and ALROSA, with polished stock and industry debt levels at lower levels than they were at the same time in 2019 due to positive consumer demand as we enter the holiday retail season. In particular, demand for larger stones (+1 carat) has improved and there are expectations that this will carry into the new calendar year. However, there remains a risk around further disruption as a result of COVID-19.
In terms of production in Q2 FY 2021 to date, the Cullinan mine continues to run ahead of the Company's internal plan, combined with the positive revenue impact of the sale of the Letlapa Tala Collection for
The Finsch mine, however, has seen higher than expected levels of waste ingress in a number of the upper levels of the Block 5 Sub Level Cave, which has served to negatively impact the recovered grade. The Company has been going through a detailed exercise to better understand this issue and has put a plan in place to mitigate the impact. In the short term, this will include a revision to the draw strategy to limit planned draw tonnage for the next four months, a build-up of inventory rings to allow for increased blasting from
Contact:
Petra Diamonds
Tel: +44 20 7494 8203
About
Petra Diamonds is a leading independent diamond mining group and a consistent supplier of gem quality rough diamonds to the international market. The Company has a diversified portfolio incorporating interests in three underground producing mines in
Petra's strategy is to focus on value rather than volume production by optimising recoveries from its high-quality asset base in order to maximise their efficiency and profitability. The Group has a significant resource base of ca. 243 million carats, which supports the potential for long-life operations.
Petra conducts all operations according to the highest ethical standards and will only operate in countries which are members of the Kimberley Process. The Company aims to generate tangible value for each of its stakeholders, thereby contributing to the socio-economic development of its host countries and supporting long-term sustainable operations to the benefit of its employees, partners and communities.
Petra is quoted with a premium listing on the Main Market of the
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