RapNet


Rapaport News

 

Mining

 
Rapaport 宣传
Rapaport’s ‘State of the Diamond Industry’ Address
June 08 2020

高级搜索
最新文章
视频
功能
新闻
挖掘
原石市场
抛光市场
制造
零售

Petra Mulls June Tender After Rough-Price Slump

Miner cancels May sale as demand drops.
May 31, 2020 10:13 AM   By Rapaport News
Print 打印 Facebook Facebook Twitter Twitter 共享 Share


RAPAPORT... 
Petra Diamonds is considering whether to hold a rough tender in June after a market slowdown prompted it to cancel its May sale.

Prices fell 27% in March and April compared with February as the Covid-19 pandemic reduced business activity throughout the supply chain, the company reported Friday. Having called off the May sale, it is now considering holding a tender in South Africa and Antwerp in June, as the Belgian city’s diamond market has shown signs of reopening.

“However, we expect prices to remain subdued until such time as activity levels across the pipeline are able to increase in a safe manner,” the miner added.

Revenue dropped 32% year on year to $91.3 million in the company’s third fiscal quarter ending March 31 as Covid-19 impacted pricing at the March tender. Sales volume rose 2% to 1.1 million carats, while production increased 1% to 932,456 carats despite a lockdown in South Africa that limited operations at its Cullinan, Finsch and Koffiefontein mines from March 26 onward. The company placed its Williamson mine in Tanzania on care and maintenance in mid-April because of the weak market.

Petra has also reached agreements with its lenders and bondholders to help it manage its liquidity situation during the downturn.

Image: Petra’s Finsch underground diamond mine. (Petra Diamonds)
Tags: Antwerp, Coronavirus, COVID-19, Cullinan, Finsch, Koffiefontein, mining, pandemic, petra, Petra Diamonds, Rapaport News, rough, Rough Diamonds, Rough markets, rough sales, South Africa, tanzania, Williamson
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



电洽: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    私隐政策  
  
twitter twitter
关于 Rapaport
广告业务