Sunday, July 21, 2024

Petra Diamonds Projects 22% Increase in Production by 2029

London—Petra Diamonds has projected a significant rise in its production, anticipating a 22% increase by the fiscal year 2029, fueled by expansions at its Cullinan and Finsch mines.

The company expects total output for fiscal 2024, ending June 30, to reach between 2.7 million and 2.8 million carats. For the following year, Petra has set a target of 2.8 million to 3.1 million carats, with an anticipated production increase to between 3.4 million and 3.7 million carats by 2029.

This optimistic forecast is attributed to updated life-of-mine plans for Petra’s South African deposits. The Cullinan mine, having received approval for further extension, will remain operational until 2048. In 2022, Petra invested $173 million to extend its lifespan until 2031. Similarly, the Finsch mine has the potential to continue production until 2038, following a $216 million investment in 2022 to extend its operations until 2030.

In addition to production increases, Petra Diamonds has implemented measures to reduce annual operating costs by $30 million, starting in fiscal 2025.

“We have worked hard to deliver an updated business profile in response to ongoing market challenges and to further enhance our resilience to future market and capital cycles,” said Petra CEO Richard Duffy.

In other news, Petra Diamonds has announced the promotion of Johan Snyman to Chief Financial Officer, effective October 1. Snyman, who has served as Group Financial Controller since January, will replace Jacques Breytenbach, who will step down at the end of September.

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