Company cancelled an agreement to buy the gold mine, saying it had not received timely information from the seller about the termination of the mining lease. The diamond crash, which has been several years in the making, has been magnified by Covid-19, the coronavirus disease which has put the world in … Credit: Colin Behrens from Pixabay. The company closed its mines in South Africa last week for a mandatory 21-day lockdown aimed at slowing the spread of covid-19. Jay Inslee announced that the Healthy Washington: Roadmap to Recovery will be transitioning from a regional approach to a county-by-county evaluation process. Despite the numerous challenges, Petra is targeting a ramp-up to pre-covid-19 production levels. PDL Share News. Petra Diamonds Limited has a bit of sparkle after its latest update. Petra does have quite a sizable diamond inventory currently, primarily because it was unable to hold tenders through the start of COVID as there was … It added it will disclose production targets for 2021 once it reaches a “sustainable level of operational stability.”. The company's sizable debt pile is still increasing. Around the same time, the company saw its founder and chairman for 23 years, Adonis Pouroulis, step down. Petra said that talks with noteholders and south African lenders continued, adding it expected to update the market on the matter this quarter. Vale is buying the 15% interest in the Mozambican mine held by Japanese trading company for a token fee of $1. Covid crisis hits production and revenue at Petra Diamonds Petra Diamonds updated the market on the year ended 30 June on Thursday, reporting a 7% fall in production to 3.59 million carats. Highlights: Financials: Q3 revenue up 16% to US$106.0m (Q3 FY 2020: US$91.3m), as prices recovered to pre-COVID-19 levels Don't miss the latest news! Background: The risk of severe COVID-19 if an individual becomes infected is known to be higher in older individuals and those with underlying health conditions. It is packed with investment ideas, news and educational material to help build and run portfolios and get more from your money. Petra says that the virus had hit Chinese demand for diamonds. On March 11, 2021, Gov. Company has been seeking to repatriate $500 million belonging to the venture out of the Congo for more than a year. Petra failed in May to make an interest payment on a $650 million bond, but won some breathing space from creditors who said they would not declare a default until August. Petra Diamonds has been a long-struggling diamond producer. It expects to hold its next tender in September. Petra Diamonds News Headlines. South Africa’s Petra Diamonds (LON:PDL), which put itself up for sale in June, sold 23% fewer carats for 36% less revenue in the year to June 30, as the coronavirus pandemic wreaked havoc on an already struggling diamond industry. JOHANNESBURG, Oct 27 (Reuters) - Petra Diamonds' first-quarter revenue climbed 33% year on year helped by inventory sales and a 21% increase in diamond prices since the start of the coronavirus pandemic, the miner said on Tuesday. Revenue for the year fell to $295.8 million from $463.6 million last year. Petra, which has been hit by a triple whammy of weak market conditions, power emergencies in the home country and covid-19, said on Thursday … Petra said diamond pricing on a like-for-like basis increased by a further 8% at the company's January 2021 tender, and that pricing has now returned to … Petra also placed its Williamson mine, in Tanzania, on care and maintenance. The company tried to turn around its fortunes after piling up debt to expand its flagship Cullinan mine in South Africa. It is also the source of the vast majority of blue stones. Lockdowns implemented in South Africa from March 26 severely disrupted production. Petra said in its trading statement that diamond pricing on a like-for-like basis increased 8% at its January 15 tender at which $30.5m was earned from the sale of 382,000 carats in rough diamond sales. Despite the numerous challenges, Petra is targeting a ramp-up to pre-covid-19 production levels. Petra, which mines diamonds in South Africa and Tanzania, said revenue for the quarter to … The governor also announced that a new … Shares puts on free Investor Events throughout the year across the country. JOHANNESBURG, July 23 (Reuters) - Petra Diamonds shares fell on Thursday after it reported selling 23% fewer diamond carats for 36% less revenue in the year to June 30 as the COVID-19 pandemic dealt a fresh blow to a struggling diamond industry. Dar es Salaam. © 2021 Glacier Media Group, All Rights Reserved, sold 23% fewer carats for 36% less revenue, The stampede to exit coal is a worrying harbinger for LNG: Russell, Vale buys Mitsui’s stake in Moatize amid plan to exit coal, Barrick’s Congo mine rejects financial claim by state-owned shareholder, Chifeng Jilong walks away from deal to buy Bibiani mine in Ghana, Type II micro-diamonds dominate Tres-Or Resources’ Guigues pipe, Canadian First Nation challenges DeBeers’ mine waste plans, The top 50 biggest mining companies in the world, Petra finds 39-carat blue diamond at Cullinan mine. The diamond producer also cancelled May and June tenders because of travel restrictions and low demand from the midstream. These sales included goods deferred for sale from the first half of the year owing to Covid-19 related travel disruptions. Petra Diamonds' first-quarter revenue climbed 33% year on year helped by inventory sales and a 21% increase in diamond prices since the start of the coronavirus pandemic, the miner said on Tuesday. Petra, which mines diamonds in South Africa and Tanzania, said revenue for the quarter to Sept 30 was $82 million (63 million pounds). ... confirming that pricing has now returned to pre-Covid-19 levels. However, Petra reported a significant diamond inventory of $75.5m as of March 31. Sign up today. Petra Diamonds' first-quarter revenue climbed 33% year on year helped by inventory sales and a 21% increase in diamond prices since the start of the coronavirus pandemic, the miner said on Tuesday. Petra Diamonds has suspended its production outlook for financial year (FY) 2020 as it is scaling down operations in South Africa for a mandatory 21-day lockdown which is aimed at containing the spread of the coronavirus (Covid-19) pandemic. The company said that 39 workers have tested positive at its South African operations so far, and one worker has died of the respiratory disease at its Cullinan mine. Petra Diamonds Limited is pleased to provide the following trading update for the three (Q3) and nine-month (9M) periods ending 31 March 2021. The effects of Covid-19 have been rapid, but so have the effects of technology on many industries, for many years. Diamonds and COVID-19: Producers Petra Diamonds (LSE: PDL ) — Gem miner Petra operates several projects globally, its flagship being the Cullinan mine in South Africa. This was lower than the $105m inventory end-December, but Breytenbach acknowledged the period from production cut-off to point of sale had increased to about 12 weeks from eight owing to Covid-19 restrictions on auctions. Sell: Petra Diamonds (PDL) Petra has been in trouble for a long time. The gems were recovered within the space of one week’s production in September 2020 Petra Diamonds' first-quarter revenue climbed 33% year on year helped by inventory sales and a 21% increase in diamond prices since the start of the coronavirus pandemic, the miner said on Tuesday. Petra Diamonds Ltd supports the Government of South Africa’s decisive measures to combat the spread of Covid-19. Petra Diamonds, which owns Mwadui- based Williamson mine, says it will work with the government in the intended sale of its 75 per cent stake in the business. Petra has abandoned plans to sell the business in favour of a debt-for-equity restructuring. Shares is the leading weekly publication for retail investors. Petra said diamond pricing on a like-for-like basis increased by a further 8% at the company's January 2021 tender, and that pricing has now returned to … Petra sold 2.9 million carats in its full-year 2020, down from 3.7 million in the previous year, while revenues dropped to $295.8 million from … Petra Diamonds sells collection of 5 blue diamonds for $40.4m 25 November 2020 09:48 Covid-19 takes shine off Petra as earnings tumble Coronavirus scams; What's open? Petra Diamonds to sell 5 rare blue diamonds as it struggles against Covid-19 downturn 22nd October 2020 by Denise Mhlanga Diamond collectors would be thrilled by the upcoming sale of five blue diamonds from Cullinan Mine in South Africa. Diamond miner Petra Diamonds’ revenue for the quarter ended March 31 – the third quarter of its 2021 financial year – increased by 16% year … Petra Diamonds is a leading independent diamond mining group and a consistent supplier of gem quality rough diamonds to the international market. The RapNet Diamond Index (RAPI) popularly known as the industry benchmark for price trends showed in the first quarter of 2020, the price of 1-carat diamond fell … It's possible the present rush for the exit from coal will be matched by major oil and gas producers making a similar dash to get out of LNG in a few years time. Petra Diamonds said diamond prices had recovered to pre-Covid-19 levels. Diamond Business Loses Luster as Coronavirus Crisis Spreads De Beers’ sales have plummeted while independent mining companies such as Petra and Dominion confront substantial risk of … The renowned mine, where the world’s largest-ever diamond was found in 1905, produces about a quarter of the world’s gem-quality diamonds. (. Understanding the number of individuals at increased risk of severe COVID-19 and how this varies between countries should inform the design of possible strategies to shield or vaccinate those at highest risk. The figure compares to the 3.7 million carats Petra sold in 2019, when most diamond miners were struggling to keep afloat amid poor prices. COVID-19 has exacerbated the struggles that the company was already facing. Petra, which has been hit by a triple whammy of weak market conditions, power emergencies in the home country and covid-19, said on Thursday it only sold 2.9 million carats in its full-year 2020. Petra Diamonds Limited ("Petra" or the "Company" or the “Group”) Trading Update. As the number of confirmed coronavirus cases in South Africa continues to surge, accounting for more than 50% of cases in Africa, Petra staff has been affected. They provide an opportunity for investors to learn more about companies on the stock market and hear from a range of investment experts including fund managers and Shares journalists. Petra Diamonds has recently drawn up plans in debt-for-equity restructuring programme to safeguard its near-term financial future. Wednesday 21 April 2021 | Last updated: 5:49PM, Resurgent Covid fears and a strong pound see FTSE drop 2%, Market Movers - Top risers and fallers between 15:00 and 16:00. Shares is the leading weekly publication for retail investors the company 's sizable debt pile is increasing! Washington: Roadmap to Recovery will be transitioning from a regional approach to a county-by-county process! 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