Q3 FY 2016 Trading Update

RNS Number : 2851W
Petra Diamonds Limited
26 April 2016
 



 

 

 

26 April 2016

LSE: PDL

 

Petra Diamonds Limited

("Petra", "the Company" or "the Group")

 

Trading Update - Q3 FY 2016 Production and Sales Report

 

 

Petra Diamonds Limited announces the following trading update (unaudited) for the period from 1 January 2016 to 31 March 2016 (the "Period," "Q3 FY 2016" or "Q3").

 

 

HIGHLIGHTS

·     Production up 26% to 995,905 carats (Q3 FY 2015: 791,443 carats); Q3 production favourably impacted by production from the Kimberley tailings operations attributable to Petra following completion of the Kimberley Mines acquisition in January 2016. Production for nine months to 31 March 2016 up 10% to 2,625,308 carats (nine months to 31 March 2015: 2,392,511 carats).

·     Production guidance for FY 2016 increased to 3.6 - 3.65 Mcts from 3.3 - 3.4 Mcts following the initial integration of the Kimberley Mines assets.

·     Revenue up 25% to US$120.5 million (Q3 FY 2015: US$96.1 million), due to increased sales volumes and the sale of the 32.33 carat pink diamond from Williamson for US$15 million. Revenue for nine months to 31 March 2016 down 12% to US$274.4 million (Q3 FY 2015: US$311.0 million).

·     Diamonds sold increased 13% to 937,526 carats (Q3 FY 2015: 826,815 carats) further to the initial integration of the Kimberley Mines assets.

·     Rough diamond prices up ca. 3.5% on a like for like basis in comparison to the average for H1 FY 2016, due to an improvement in rough diamond market conditions.

·     Expansion programmes, including the Cullinan plant project, remain in line with expectations.

·     Cash at bank at 31 March 2016 of US$39.0 million (31 March 2015: US$41.8 million), diamond inventories of ca. US$54.3 million (31 March 2015: ca. US$37.3 million) and diamond debtors of US$46.0 million (31 March 2015: US$15.0 million).

·     Net debt at 31 March 2016 of US$395.6 million (31 March 2015: US$99.3 million). The Company has bank facilities undrawn and available of US$114.2 million (31 March 2015: US$91.1 million), split as to ZAR1.6 billion and US$6.2 million.

·     Agreement reached post Period end with lender group for improved covenant measurements regarding the Company's senior lender facilities (refer to the table on page 6 for further information).

 



 

Q3 FY 2016 Production and Sales - Summary

 


Unit

Q3

FY 2016

Q3

FY 2015

Variance

Nine months to 31 March 2016

Nine months to 31 March 2015

Variance

Production








ROM diamonds

Carats

646,850

563,902

+15%

1,890,556

1,731,884

+9%

Tailings & other diamonds

Carats

349,055

227,541

+53%

734,752

660,627

+11%

Total diamonds

Carats

995,905

791,443

+26%

2,625,308

2,392,511

+10%









Sales








Diamonds sold

Carats

937,526

826,815

+13%

2,240,568

2,228,377

+1%

Gross revenue

US$M

120.5

96.1

+25%

274.4

311.0

-12%

 

 

Johan Dippenaar, Chief Executive Officer, commented:

"Petra has delivered another firm production quarter and we are pleased to announce an increase in our FY 2016 production target to 3.6 - 3.65 Mcts, further to the integration of the Kimberley Mines assets. We are excited about our partnership in Kimberley, given the potential for long-term sustainable operations to the benefit of employees and the local communities there.

 

"Our expansion programmes remain on track and the opening up of undiluted mining areas has continued to yield improved grades at both Finsch and Cullinan. The construction of the new plant at Cullinan is also on track, and we remain highly focused on delivering the capital projects on time and within budget. Petra is currently near the end of its peak Capex year and the Group is confident that its revised covenant and debt facility levels are aligned to successfully complete its expansion programmes."

 

 

CONFERENCE CALL

Petra's Chief Executive Officer, Johan Dippenaar, and Finance Director, David Abery, will host a conference call at 9.30am BST today, and David Abery will host a second conference call at 4:00pm BST today, to discuss the Q3 FY 2016 Trading Update with investors and analysts.  Participants may join the calls by dialling one of the following numbers shortly before the call:

 

First Call - 9.30am BST

From the UK (toll free): 0808 237 0040
From South Africa (toll free): 0800 222 290
From the rest of the world: +44 203 428 1542
Participant passcode: 11266890#

A replay of the conference call will be available on the following numbers from 12:00pm BST on 26 April 2016:

From UK (toll free): 0808 237 0026
From South Africa and the rest of the world: +44 203 426 2807
Playback passcode: 670487#

 

Second Call - 4.00pm BST / 11.00am Eastern Time

This will be a Q&A call only to cater for international investors. Participants are therefore advised to listen to the replay of the earlier conference call in advance, as the main management commentary on the Trading Update and Guidance announcements will not be repeated.

 

From the United States (toll free): 1866 928 7517
From the rest of the world: +44 203 428 1542
From the UK (toll free): 0808 237 0040
From South Africa (toll free): 0800 222 290
Playback passcode: 11266890#

 

 

COMMENTARY

 

Production

·     Group Q3 FY 2016 production increased 26% to 995,905 carats (Q3 FY 2015: 791,443 carats). 

·     Finsch production increased 3% to 530,138 carats (Q3 FY 2015: 515,744 carats) due to increased ROM throughput and average grades of 44.3 cpht (ROM) and 28.8 cpht (tailings), in line with expectations. 

·     Cullinan production increased 14% to 190,329 carats (Q3 FY 2015: 166,846 carats), in line with the Company's guidance to reduce tonnes treated in FY 2016 in order to focus on grade control; as a result the ROM grade further improved to 30.5 cpht in Q3 (Q3 FY 2015: 20.9 cpht), following the 27.6 cpht achieved in Q2 FY 2016. This brings the ROM grade year to date to 27.2 cpht, meaning that for the full year the ROM grade is expected to be 28 - 30 cpht (below management guidance of 31 cpht).

·     Variability in grade and product mix (covered in the Diamond Market and Sales section) can be expected at Cullinan until H2 FY 2017 (January to June 2017), at which point a higher percentage of the mine's production will come from undiluted ore and the benefits of the new processing plant will be realised.

·     Koffiefontein production increased 3% to 16,376 carats (Q3 FY 2015: 15,862 carats) further to the continued ramp up of the new underground SLC production, with ROM tonnes treated increasing to 183,366 tonnes (Q3 FY 2015: 118,032 tonnes) and on track to meet revised guidance of ca. 0.69 million ROM tonnes treated for FY 2016.

·     The combined Kimberley operations, comprising Kimberley Underground and the newly established consortium between Petra and Ekapa Mining (Pty) Ltd ("Ekapa Mining"), together "Kimberley Ekapa Mining", resulted in Petra's attributable production increasing to 202,830 carats for the Period.  Petra's results, including diamond production and revenues from resultant diamond sales, reflect Petra's attributable interest in the Kimberley Ekapa Mining consortium. See 'Update on Kimberley Mines Transaction' below.

·     Williamson's diamond production decreased 2% to 56,232 carats (Q3 FY 2015: 57,542 carats), mainly due to slightly lower ROM grades of 5.1 cpht (Q3 FY 2015: 5.3 cpht) for the Period, as production was affected by seasonal rainfall, which impacted the Company's ability to access the optimal tonnage blend from the open pit operations.

 

Update on Kimberley Mines Transaction

·     Further to the completion of the acquisition of the Kimberley Mines from De Beers Consolidated Mines (Pty) Limited, which came into effect on 18 January 2016, Petra and Ekapa Mining have entered into negotiations with a view to combining the respective operations owned and operated by the consortium members in the Kimberley area - namely Petra's Kimberley Underground operations, Ekapa Mining's tailings operations (via its subsidiaries Superstone Mining (Pty) Ltd ("Superstone Mining") and Kimberley Miners Forum (Pty) Ltd) and the newly acquired Kimberley Mines tailings resources and associated assets, including the Central Treatment Plant.

·     Negotiations are now at an advanced stage and the envisaged joint venture is earmarked to become effective from Q1 FY 2017 (July to September 2016). The proposed joint venture is expected to bring significant synergies to the operations at Kimberley, with the opportunity to increase throughput and reduce operating costs, thereby extending mine life to the benefit of all parties. Further detail on the final business combination will be included in the Company's FY 2016 Trading Update and FY 2017 Market Guidance announcement, to be released on 25 July 2016. Refer to Appendix B for information on management's expectations of this new Kimberley consortium on Petra's FY 2016 results.



 

·     In the period leading up to the envisaged joint venture, the parties have established a toll treatment arrangement across the respective operations (Kimberley Underground, Kimberley Mines and Superstone Mining) with effect from 18 January 2016, with a resultant attributable interest to Petra of 75.9% in the production from the combined Kimberley operations, and a 24.1% attributable interest to Ekapa Mining. This arrangement will cease upon formation of the envisaged joint venture.

 

 

Sales and Diamond Market

Diamond Market

·     Further to a number of steps taken by the major diamond producers in late calendar 2015 to improve rough market conditions (namely reduced supply, lower rough diamond pricing and increased consumer marketing), the market has started calendar 2016 on a noticeably firmer footing, with good sales demand from the midstream of the diamond pipeline (the cutting and polishing / manufacturing segment).

·     However, January to April is seasonally the strongest time of the year for the rough diamond market, as it is traditionally the period for the midstream and downstream to restock after the core festive retail selling season. Market conditions for the remainder of the calendar year are therefore likely to depend on continued supply control from the major producers to the midstream and stable retail demand, particularly in the US, the largest global market.

Petra Sales

·     Revenue for Q3 FY 2016 was up 25% to US$120.5 million (Q3 FY 2015: US$96.1 million) and included the sale of the 32.33 carat pink stone from Williamson for US$15.0 million, as reported on 24 March 2016. Petra retains an interest in the polished resulting from this pink stone, which is 10% of the value uplift of the polished.

·     Carats sold during the Period increased 13% to 937,526 (Q3 FY 2015: 826,815 carats) due to increased production volumes.

Diamond Prices

·     Rough diamond prices were up ca. 3.5% for Q3 FY 2016 on a like for like basis in comparison to Petra's results for H1 FY 2016.

·     However, further to the 'Diamond Market' commentary above, Petra remains cautious with regards to diamond pricing for the remainder of the financial year, and will therefore continue to use the pricing levels achieved in H1 FY 2016 in its internal business modelling for the balance of FY 2016.

·     It should also be noted that the Company remains susceptible to variances in product mix at its underground mines, as production shifts from the old, diluted mining areas to the new mining areas. This variability is expected to continue up to H2 FY 2017 while the Company remains in this transitionary period, particularly at the Cullinan mine.

 

Mine

Average¹

(US$/ct)

Q3 FY 2016

Average1

(US$/ct)

H1 FY 2016

Average¹

(US$/ct)

FY 2015

Finsch

92

82

90

Cullinan

98²

110

174³

Koffiefontein

424²

459

386

Kimberley Underground

                  1654

254

217

Williamson

6425

3676

298

 

Notes:

1.     All sales (both ROM and tailings) including exceptional diamonds were used to calculate the average values.

2.     Average value per carat in Q3 was impacted by a poorer quality product mix.

3.     Excluding Exceptional Diamonds, the average value per carat was US$119.

4.     Kimberley Underground's average value is lower due to the large contribution of tailings carats from the Kimberley Mines tailings production (Petra is selling production from both sources together). Kimberley Underground's ROM production value remains in line with expectations.

5.     Excluding Exceptional Diamonds, the average value per carat was US$244.

6.     Excluding Exceptional Diamonds, the average value per carat was US$241.

 

 

Health and safety:

·     The Group's lost time injury frequency rate ("LTIFR") for Q3 FY 2016 was 0.33 (Q3 FY 2015: 0.26). Petra remains highly focused on this most important area.

 

 

Corporate

·     A summary of the Group's current cash, diamond inventories, debtors, borrowings and net debt is set out below.


Unit

31 Mar 2016

31 Dec 2015

30 Jun 2015

31 Mar 2015

Closing exchange rate used for conversion


R14.76/US$1

R15.46/US$1

R12.16/US$1

R12.13/US$1

Cash at bank

US$m

39.0

42.1

166.6

41.8

Diamond inventories

US$m

Carats

54.3

721,259¹

57.4

666,357

33.5

339,489

37.3

486,537

Diamond debtors

US$m

46.0

1.4

57.6

15.0

US$ loan notes (including accrued interest)

US$m

308.2

302.1

303.3

n/a

Bank loans and borrowings

US$m

126.4

63.9

35.0

141.1

Net debt

US$m

395.6

323.9

171.1

99.3

Bank facilities undrawn and available

ZARm

1,595

2,644

2,800

1,045

US$m

6.2

6.2

25.0

5.0

Total US$m

114.2

177.1

255.1

91.1

 

Note:

1.     Q3 diamond inventories are higher due to increased production volumes, particularly due to the additional carats from the Kimberley Ekapa Mining consortium, and the fact that the second Williamson tender of H2 did not take place until just after the end of Q3.

 

 

Update on the Company's Banking Facilities and Covenant Measurements

·     As previously reported, Petra has been in discussions with its lenders to review its current debt facilities and associated covenants. Post Period end, Petra has agreed with its lenders revised covenants effective 1 July 2016 for the next three measurement periods, being 30 June 2016, 31 December 2016 and 30 June 2017.



 

·     The revised covenants are set out in the table below:

 

Covenant

12 months to 30 Jun 2016

12 months to 31 Dec 2016

12 months to 30 Jun 2017

12 months to 31 Dec 2017 and thereafter

Net Debt¹ to EBITDA

3.1x

(Revised from 2.5x)

2.8x

(Revised from 2.5x)

2.5x

 

2.5x

EBITDA to net finance charges

3.7x

(Revised from 4.0x)

3.85x

(Revised from 4.0x)

4.0x

 

4.0x

Net Debt¹ to Book Equity

0.6x

(Revised from 0.75x)

0.6x

(Revised from 0.5x)

0.6x

(Revised from 0.5x)

0.5x

 

Notes:

1.     Net Debt is Consolidated Debt per published results, plus guarantee for BEE Partners loan facilities (ZAR1,265 million as at 31 March 2016).

2.     Fees to the lender group relating to the abovementioned changes in covenants and facilities are US$0.9 million.

 

·     At the same time as agreeing the revised covenants, Petra has also revised the profile of its senior lender ZAR facilities, effective 1 July 2016, with revolving facilities being ZAR1,250 million (31 December 2015; ZAR1,500 million), amortising facilities being ZAR900 million (31 December 2015; ZAR800 million) and working capital facilities being ZAR700 million (31 December 2015; ZAR500 million); overall ZAR facilities will, effective 1 July 2016, be ZAR2,850 million (31 December 2015; ZAR2,800 million).

·     As Capex starts reducing from H2 FY 2017 due to the advanced stages of its underground development projects, as well as the commissioning of the new Cullinan plant, minimum headroom is forecast to be in the range of ca. ZAR1,000 - 1,400 billion (ca. US$70 - 100 million) during the period June 2016 to March 2017.

 

Notes:

1.     The following exchange rate has been used for this announcement:

a.     closing rate as at 31 March 2016 US$1:ZAR14.76 (31 March 2015 US$1:ZAR12.13)

2.     The following definitions have been used in this announcement:

a.     ct: carat

b.    cpht: carats per hundred tonnes

c.     Exceptional Diamonds: stones that sell for more than US$5 million each

d.     LTIFR: lost time injury frequency rate

e.     'Other diamonds' includes mining of the Ebenhaezer satellite kimberlite pipe at Koffiefontein and alluvial diamond mining at Williamson.

f.      Mcts: million carats

g.     Mt: million tonnes

h.     ROM: run-of-mine, i.e. relating to production from the primary orebody

i.      SLC: sub-level cave, a variation of block caving

3.     Diamond inventory carrying values are stated at the lower of cost of production on the weighted average basis or estimated net realisable value.

 

~ Ends ~

 

 

 



 

For further information, please contact:

 

Petra Diamonds, London                                         Telephone: +44 20 7494 8203

Cathy Malins                                                               cathy.malins@petradiamonds.com

Salisha Ilyas                                                                salisha.ilyas@petradiamonds.com

 

Buchanan                                                                  Telephone: +44 20 7466 5000

(PR Adviser)

Bobby Morse                                                               bobbym@buchanan.uk.com

Anna Michniewicz                                                       annam@buchanan.uk.com

 

RBC Capital Markets                                               Telephone: +44 20 7653 4000

(Joint Broker)

Matthew Coakes                                                         matthew.coakes@rbccm.com

Jonathan Hardy                                                           jonathan.hardy@rbccm.com

 

Barclays                                                                     Telephone: +44 20 7623 2323

(Joint Broker)

Bertie Whitehead                                                        bertie.whitehead@barclays.com

Philip Drake                                                                 philip.e.drake@barclays.com

 

BMO Capital Markets                                               Telephone +44 20 7236 1010

(Joint Broker)

Jeffrey Couch                                                              jeffrey.couch@bmo.com

Neil Haycock                                                               neil.haycock@bmo.com

 

 

Follow our corporate news feed on Twitter 
Follow our dedicated investor relations news feed on 
Twitter 
Follow us on LinkedIn 

 

About Petra Diamonds Limited

Petra Diamonds is a leading independent diamond mining group and an increasingly important supplier of rough diamonds to the international market. The Company has interests in six producing operations: four underground mines in South Africa (Finsch, Cullinan, Koffiefontein and Kimberley Underground), extensive tailings operations in Kimberley (via its interest in the Kimberley Mines) and one open pit mine in Tanzania (Williamson). It also maintains an exploration programme in Botswana.

 

Petra has a core objective to steadily increase annual production to ca. 5 million carats by FY 2019. The Group has a significant resource base of ca. 300 million carats.

 

Petra conducts all operations according to the highest ethical standards and will only operate in countries which are members of the Kimberley Process. Petra is quoted with a premium listing on the Main Market of the London Stock Exchange under the ticker 'PDL' and is a constituent of the FTSE4Good Index. For more information, visit the Company's website at www.petradiamonds.com/.

 



 

APPENDIX A - MINE BY MINE PRODUCTION TABLES

 

 

Finsch - South Africa

 


Unit

Q3

FY 2016

Q3

FY 2015

Variance

Nine months to 31 March 2016

Nine months to 31 March 2015

Variance

Sales








Diamonds sold

Carats

579,772

518,051

+12%

1,491,840

1,424,265

+5%

Average price per carat

US$

92

88

+5%

86

86

0%

Revenue

US$M

53.1

45.5

+17%

128.3

122.8

+5%

ROM Production








Tonnes treated

Tonnes

860,333

766,147

+12%

2,516,589

2,296,602

+10%

Diamonds produced

Carats

381,266

324,394

+18%

1,131,221

975,462

+16%

Grade

cpht

44.3

42.3

+5%

45.0

42.5

+6%

Tailings Production








Tonnes treated

Tonnes

517,173

728,439

-29%

1,753,501

1,944,683

-10%

Diamonds produced

Carats

148,871

191,350

-22%

493,996

553,399

-11%

Grade

cpht

28.8

26.3

+10%

28.2

28.5

-1%

Total Production








Tonnes treated

Tonnes

1,377,506

1,494,586

-8%

4,270,090

4,241,285

+1%

Diamonds produced

Carats

530,138

515,744

+3%

1,625,216

1,528,861

+6%

 

Note:

1.     The Company is not able to precisely measure the ROM / tailings grade split because ore from both sources is processed through the same plant; the Company therefore back-calculates the grade with reference to resource grades.

 

 

Cullinan - South Africa

 


Unit

Q3

FY 2016

Q3

FY 2015

Variance

Nine months to 31 March 2016

Nine months to 31 March 2015

Variance

Sales








Diamonds sold

Carats

217,134

197,456

+10%

444,893

512,413

-13%

Average price per carat

US$

98

106

-8%

104

193

-46%

Revenue

US$M

21.3

21.0

+1%

46.3

98.8

-53%

ROM Production








Tonnes treated

Tonnes

568,101

658,818

-14%

1,748,499

1,951,713

-10%

Diamonds produced

Carats

173,061

137,928

+25%

476,461

471,698

+1%

Grade

Cpht

30.5

20.9

+46%

27.2

24.2

+12%

Tailings Production








Tonnes treated

Tonnes

235,667

682,506

-65%

632,825

1,894,874

-67%

Diamonds produced

Carats

17,268

28,918

-40%

36,233

86,546

-58%

Grade

cpht

7.3

4.2

+74%

5.7

4.6

+24%

Total Production








Tonnes treated

Tonnes

803,768

1,341,324

-40%

2,381,324

3,846,587

-38%

Diamonds produced

Carats

190,329

166,846

+14%

512,694

558,244

-8%

 

 



 

Koffiefontein - South Africa

 


Unit

Q3

FY 2016

Q3

FY 2015

Variance

Nine months to 31 March 2016

Nine months to 31 March 2015

Variance

Sales








Diamonds sold

Carats

17,623

13,038

+35%

39,191

31,253

+25%

Average price per carat

US$

424

385

+10%

442

387

+14%

Revenue

US$M

7.5

5.0

+50%

17.3

12.1

+43%

ROM Production








Tonnes treated

Tonnes

183,366

118,032

+55%

472,583

250,234

+89%

Diamonds produced

Carats

13,537

11,095

+22%

38,377

20,804

+84%

Grade

cpht

7.4

9.4

-21%

8.1

8.3

-2%

Ebenhaezer / Tailings Production








Tonnes treated

Tonnes

108,677

135,899

-20%

371,219

465,864

-20%

Diamonds produced

Carats

2,839

4,767

-40%

9,759

14,734

-34%

Grade

cpht

2.6

3.5

-26%

2.6

3.2

-19%

Total Production








Tonnes treated

Tonnes

292,043

253,931

+15%

843,802

716,098

+18%

Diamonds produced

Carats

16,376

15,862

+3%

48,136

35,538

+35%

 

 

Kimberley Underground Mines (including Kimberley Ekapa Mining) - South Africa

 


Unit

Q3

FY 2016

Q3

FY 2015

Variance

Nine months to 31 March 2016

Nine months to 31 March 2015

Variance

Sales








Diamonds sold

Carats

85,301

37,320

+129%

146,414

93,790

+56%

Average price per carat

US$

165

249

-34%

202

292

-31%

Revenue

US$M

14.1

9.3

+52%

29.6

27.4

+8%

KUM Production1








Tonnes treated

Tonnes

40,200

300,966

N/A

721,513

879,727

N/A

Diamonds produced

Carats

4,214

35,201

N/A

88,572

107,213

N/A

Grade

cpht

10.5

11.7

N/A

12.3

12.2

N/A

Kimberley Ekapa Mining Production - attributable to Petra2








Tonnes treated

Tonnes

1,592,645

N/A

N/A

1,592,645

N/A

N/A

Diamonds produced

Carats

198,616

N/A

N/A

198,616

N/A

N/A

Grade

cpht

12.5

N/A

N/A

12.5

N/A

N/A

Total Production








Tonnes treated

Tonnes

1,632,845

300,966

+443%

2,314,158

879,727

+163%

Diamonds produced

Carats

202,830

35,201

+476%

287,188

107,213

+169%

 

Note:

1.     KUM production represents the ROM and Tailings production for the period up to 17 January 2016 (pre the Kimberley Ekapa Mining consortium formation).



 

2.     Kimberley Ekapa Mining production represents Petra's attributable share in the Kimberley Ekapa Mining consortium (including both ROM production from Kimberley Underground and Tailings production).

 

 

 

 

Williamson - Tanzania

 


Unit

Q3

FY 2016

Q3

FY 2015

Variance

Nine months to 31 March 2016

Nine months to 31 March 2015

Variance

Sales








Diamonds sold

Carats

37,665

60,972

-38%

118,024

159,242

-26%

Average price per carat

US$

642

253

+154%

455

314

+45%

Revenue

US$M

24.2

15.5

+56%

53.6

50.0

+7%

ROM Production








Tonnes treated

Tonnes

1,051,325

1,038,179

+1%

2,876,240

3,040,259

-5%

Diamonds produced

Carats

53,445

55,036

-3%

142,717

150,542

-5%

Grade

cpht

5.1

5.3

-4%

5.0

5.0

0%

Alluvial Production








Tonnes treated

Tonnes

95,098

110,021

-14%

302,319

280,073

+8%

Diamonds produced

Carats

2,787

2,506

+11%

9,356

5,948

+57%

Grade

cpht

2.9

2.3

+26%

3.1

2.1

+48%

Total Production








Tonnes treated

Tonnes

1,146,423

1,148,200

-0%

3,178,559

3,320,332

-4%

Diamonds produced

Carats

56,232

57,542

-2%

152,073

156,491

-3%

 

 

APPENDIX B - KIMBERLEY EKAPA MINING CONSORTIUM FY 2016 GUIDANCE

 

The table below replaces management's previous guidance with regards to H2 FY 2016 results for both the Kimberley Mines and Kimberley Underground operations, and represents management's expectations with regards to Petra's attributable production in H2 FY 2016 from its full Kimberley Ekapa Mining operations.

 

Key Metrics - Attributable to Petra

H2 FY 2016

Carats Produced

ca. 400,000

Carats Sold

ca. 300,000

Revenue

ca. US$35 million

EBITDA Margin

ca. 35%

Depreciation

ca. US$2.5 million

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
TSTEAELSAENKEAF
UK 100

Latest directors dealings