JOHANNESBURG (miningweekly.com) – With market fundamentals providing pricing support in the medium- and longer-term, London-listed diamond mining and marketing company Petra Diamonds expects diamond prices to show modest recovery in the new year.

The company expects current diamond market weakness to continue through to the end of the calendar year with some price volatility.

“We’re looking forward to addressing the challenges ahead of us from a position of strength, with world class assets that have long-term potential, strong sustainability credentials and an ability to withstand market and capital cycles,” Petra CEO Richard Duffy stated in a release to Mining Weekly.

The company’s portfolio of mines incorporates interests in the Cullinan, Finsch and Koffiefontein underground mines in South Africa, and the opencast Williamson mine in Tanzania. Koffiefontein is on care and maintenance in preparation for a possible sale.

During the company’s 2024 financial year (FY) to the end of June, 36% more diamond carats were sold than in FY 2023, uplifting revenue by 13%.

This increase was driven by Williamson ramping up to steady state and the planned benefit of the delayed sale of the final tender in FY 2023.

Yearly production was below revised guidance at 2.73-million carats.

Ore processed increased to three-million tons from 2.9-million tons, with the Williamson ramp-up increasing production by 0.1-million tons and a steady quarter at Cullinan and Finsch.

Owing to the increasing contribution from 78-Level Phase II, improvements in grade recovery continued at Finsch, where work to resolve the winder issues and the transition from continuous operations to a two-shift, five-day configuration has reduced carats recovered when compared with FY 2023.

Revenue, including revenue from profit share arrangements, amounted to an increased $113-million on the extension of Tender 5 receipt timing.

Operational fourth-quarter capital expenditure totalled $18-million, and net debt decreased to $201-million.

Petra is guiding production of 2.8-million to 3.1-million carats in FY 2025.