Petra Diamonds H1 Production Up, but Revenue Down

Petra Diamonds Limited has announced that while its production for the six months ended December 2019 was up 3 percent to 2,070,240 carats (H1 FY 2019: 2,019,147 carats), revenue for the same period was down 6 percent. Revenue fell to $193.9 million from 1,743,807 carats (H1 FY 2019: $207.1 million from 1,736,357 carats).

The decline in revenue comes from lower diamond prices and the adverse product mix at Finsch and Williamson. This was, however, partially offset by the sale of the 20.08-carat blue diamond from Cullinan for $14.9 million.

The company is currently on track to meet or exceed its FY 2020 production guidance of ca. 3.8 Mcts.

In addition, Petra said it saw growing stability in pricing as the calendar year closed and that demand has continued to improve as the midstream looks to replenish inventory with early indications that rough pricing has improved modestly in the third quarter of 2020. .

Petra reported that its net debt as of December 31, 2019 stood at $596.4 million 

(September 30, 2019: $592.8 million). It also reported a diamond inventory of 992,425 carats valued at $85.2 million compared to $92.4 million for September 30, 2019.

Source: DCLA

Petra Diamonds H1 Production Up, but Revenue Down

Petra Diamonds Limited has announced that while its production for the six months ended December 2019 was up 3 percent to 2,070,240 carats (H1 FY 2019: 2,019,147 carats), revenue for the same period was down 6 percent. Revenue fell to $193.9 million from 1,743,807 carats (H1 FY 2019: $207.1 million from 1,736,357 carats).

The decline in revenue comes from lower diamond prices and the adverse product mix at Finsch and Williamson. This was, however, partially offset by the sale of the 20.08-carat blue diamond from Cullinan for $14.9 million.

The company is currently on track to meet or exceed its FY 2020 production guidance of ca. 3.8 Mcts.

In addition, Petra said it saw growing stability in pricing as the calendar year closed and that demand has continued to improve as the midstream looks to replenish inventory with early indications that rough pricing has improved modestly in the third quarter of 2020. .

Petra reported that its net debt as of December 31, 2019 stood at $596.4 million 

(September 30, 2019: $592.8 million). It also reported a diamond inventory of 992,425 carats valued at $85.2 million compared to $92.4 million for September 30, 2019.

Source: DCLA

BlueRock Diamonds Reports Profitability

BlueRock Diamonds has announced that it operated profitably for the first time in the second half of 2019. The miner started operations in 2012.

The AIM-listed diamond producer, which owns and operates the Kareevlei Diamond

Mine in the Kimberley region of South Africa said its revenue was up 190 percent to £4.1 million ($5.4 million) for full year 2019. 

The miner sold 12,675 for the year, an increase of 118 percent over the 5,805 carats in 2018. On a quarterly basis, Q4 2019 saw an increase of 172 percent to 4,170 carats compared to 1,533 carats in Q4 2018.  

BlueRock also saw an increase in its average price per carat during Q4 and FY2019. For 2019, the per-carat price increased 24 percent to $415 (2018: $334) and for the quarter it rose 30 percent to $410 (2018: $316). 

“I am very pleased with the continued success at Kareevlei,” said Mike Houston, BlueRock executive chairman. “Having achieved the aggressive guidance for 2019 and operated profitably for the first time in the second half of 2019. We are proud of this key milestone, which is a testament to the implementation of the revised production strategy brought in by the company’s new management team in Q2 2019.”

BlueRock said it expects to report positive EBITDA and positive comprehensive income for

the second half of 2019 (excluding non-cash adjustments for IFRS 9 charges and movement in foreign exchange). 

The company said the first quarter of 2020 has started “satisfactorily” with expectations that, despite the impact of seasonal rains, it will meet its targeted production volumes for the quarter, which are significantly ahead of those achieved in Q1 2019.

Source: DCLA

BlueRock Diamonds Reports Profitability

BlueRock Diamonds has announced that it operated profitably for the first time in the second half of 2019. The miner started operations in 2012.

The AIM-listed diamond producer, which owns and operates the Kareevlei Diamond

Mine in the Kimberley region of South Africa said its revenue was up 190 percent to £4.1 million ($5.4 million) for full year 2019. 

The miner sold 12,675 for the year, an increase of 118 percent over the 5,805 carats in 2018. On a quarterly basis, Q4 2019 saw an increase of 172 percent to 4,170 carats compared to 1,533 carats in Q4 2018.  

BlueRock also saw an increase in its average price per carat during Q4 and FY2019. For 2019, the per-carat price increased 24 percent to $415 (2018: $334) and for the quarter it rose 30 percent to $410 (2018: $316). 

“I am very pleased with the continued success at Kareevlei,” said Mike Houston, BlueRock executive chairman. “Having achieved the aggressive guidance for 2019 and operated profitably for the first time in the second half of 2019. We are proud of this key milestone, which is a testament to the implementation of the revised production strategy brought in by the company’s new management team in Q2 2019.”

BlueRock said it expects to report positive EBITDA and positive comprehensive income for

the second half of 2019 (excluding non-cash adjustments for IFRS 9 charges and movement in foreign exchange). 

The company said the first quarter of 2020 has started “satisfactorily” with expectations that, despite the impact of seasonal rains, it will meet its targeted production volumes for the quarter, which are significantly ahead of those achieved in Q1 2019.

Source: DCLA

New Production Strategy Pays Off for Blue Rock

BlueRock Diamonds reported the first annual profit in its history, as sales grew amid increased production and a higher average price, the miner said Tuesday.

The improvement was the result of a new initiative the miner implemented at its Kareevlei deposit in South Africa to stabilize production and offset the impact of the rainy season, during which operations are difficult.

Revenue for the year nearly tripled to GBP 4.1 million ($5.4 million) from the sale of 12,675 carats, compared with 5,805 carats in 2018. The average price rose 24% to $415 per carat, as BlueRock mined from higher-value portions of the deposit, it noted. Total output was 14,033 carats, versus 6,247 carats the previous year, as the majority of production stemmed from the company’s higher-grade KV1 pipe. That figure fell within BlueRock’s guidance of between 13,000 and 15,000 carats.

“I am very pleased with the continued success at Kareevlei, having achieved the aggressive guidance for 2019, and operational profitability for the first time,” said BlueRock executive chairman Mike Houston. “We are proud of this key milestone, which is a testament to the revised production strategy…which focuses on stabilizing production ahead of maximizing the exploitation of the resource.”

Based on the results, the company intends to implement further changes in order to increase production and lower costs, Houston added. It also plans to raise its guidance for the 2020 fiscal year following finalization of these initiatives.

BlueRock began operations in October 2012, and listed with the London Stock Exchange in October 2013.

Source: DCLA

New Production Strategy Pays Off for Blue Rock

BlueRock Diamonds reported the first annual profit in its history, as sales grew amid increased production and a higher average price, the miner said Tuesday.

The improvement was the result of a new initiative the miner implemented at its Kareevlei deposit in South Africa to stabilize production and offset the impact of the rainy season, during which operations are difficult.

Revenue for the year nearly tripled to GBP 4.1 million ($5.4 million) from the sale of 12,675 carats, compared with 5,805 carats in 2018. The average price rose 24% to $415 per carat, as BlueRock mined from higher-value portions of the deposit, it noted. Total output was 14,033 carats, versus 6,247 carats the previous year, as the majority of production stemmed from the company’s higher-grade KV1 pipe. That figure fell within BlueRock’s guidance of between 13,000 and 15,000 carats.

“I am very pleased with the continued success at Kareevlei, having achieved the aggressive guidance for 2019, and operational profitability for the first time,” said BlueRock executive chairman Mike Houston. “We are proud of this key milestone, which is a testament to the revised production strategy…which focuses on stabilizing production ahead of maximizing the exploitation of the resource.”

Based on the results, the company intends to implement further changes in order to increase production and lower costs, Houston added. It also plans to raise its guidance for the 2020 fiscal year following finalization of these initiatives.

BlueRock began operations in October 2012, and listed with the London Stock Exchange in October 2013.

Source: DCLA

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