DOCSLIB.ORG

Petra AR 5Nov 08 AM

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Petra AR 5Nov 08 AM Cover 11/19/08 5:35 PM Page 1 Petra Diamonds Petra Annual Report 2008 www.petradiamonds.com Annual Report 2008 Cover 11/19/08 5:35 PM Page 2 Administrative information Group head office Principal bankers Elizabeth House Barclays Bank plc 9 Castle Street 38 Hans Crescent, Knightsbridge St. Helier London, SW1X OL2 Jersey, JE4 2QP Tel: +44 207 114 7200 www.petradiamonds.com Website: www.barclays.co.uk Email: [email protected] Contact: Graham Whiteley Email: [email protected] Advisers PR advisers – UK The Hogarth Partnership Nominated adviser and broker No. 1 London Bridge Collins Stewart London, SE1 9BG 88 Wood Street Tel: +44 20 7357 9477 London, EC2V 7QR Website: www.hogarthpr.co.uk Tel: +44 207 523 8000 Contact: Julian Walker Website: www.collins-stewart.com Email: [email protected] Contact: Piers Coombs Email: [email protected] PR advisers – South Africa Russell & Associates Second broker 42 Glenhove Road BMO Capital Markets Melrose Estate 95 Queen Victoria Street Johannesburg, South Africa London, EC4V 4HG Tel: +27 (0)11 880 3924 Tel: +44 20 7246 5415 www.rair.co.za Contact: Jamie Strauss Contact: Charmane Russell Email: [email protected] Email: [email protected] AIM registrars Secretary and registered office Capita IRG (Offshore) Limited Michael Ashford 44 The Esplanade, Jersey, 2 Church Street, Hamilton Channel Islands, JE4 0XQ HM11, Bermuda Tel: UK: 0871 664 0300 or Company registration number: EC23123 international: +44 208 639 3399 Tel: +1 441 295 5950 Website: www.capitaregistrars.com Website: www.cdp.bm Email: [email protected] Email: [email protected] Auditors Legal advisers to the Company BDO Stoy Hayward LLP (As to Bermuda Law) 55 Baker Street Conyers Dill & Pearman London, W1U 7EU Clarendon House, 2 Church Street Tel: +44 207 893 2714 Hamilton, HM11, Bermuda Website: www.bdo.co.uk Tel: +1 441 295 1422 Contact: Scott Knight Website: www.cdp.bm Email: [email protected] Email: [email protected] Legal advisers (As to English Law) Memery Crystal 44 Southampton Buildings London, WC2A 1AP Tel: +44 207 242 5905 Website: www.memerycrystal.com Contact: Lesley Gregory Email: [email protected] CONTENTS Russell and Associates 1 Contents 2 Corporate profile 3 Financial highlights 4 Petra Diamonds at a glance 6 Chairman’s statement 10 CEO’s review 22 Board of directors 24 Review of operations 56 Reserves and resources 58 Mining, processing and distribution 62 Diamond market overview 68 Corporate social responsibility 76 Directors’ report 78 Directors’ remuneration report 80 Corporate governance statement 84 Independent auditors’ report 85 Consolidated income statement 85 Consolidated statement of recognised income and expense 86 Consolidated balance sheet 87 Consolidated cash flow statement 88 Notes to the annual financial statements 126 Notice of AGM 127 Glossary of terms IBC Administrative information Cullinan mine, South Africa Form of proxy 2 Corporate profile CORPORATE PROFILE Petra Diamonds is a rapidly growing diamond mining group, focused on the African continent. A number of recent acquisitions have established Petra as one of the world’s largest independent diamond groups by resource, with a gross resource base of 265 million carats, and an estimated value of US$27.3 billion. Petra’s objective is to continue to grow Group production, developing its stature as a leading diamond producer in all of the countries in which it operates. In South Africa, Petra has five producing mines – Cullinan, Koffiefontein, Helam, Sedibeng and Star. The Group has also reached agreement to acquire two further assets from De Beers – the Kimberley Underground mines, also in South Africa, and the Williamson mine in Tanzania. The Group is on track to increase its annual production from 200,000 carats in the year to June 2008 to over 1 million carats in the year to June 2009. Complementing the Group’s production is an exploration and development portfolio spread across the highly prospective diamond fields of Angola, Botswana and Sierra Leone. Petra will only commit to working in countries which are members of the Kimberley Process and shareholders can remain assured that Petra’s diamonds will only ever be 100% conflict free. Petra is listed in London under the share code PDL and is AIM’s largest diamond group by market capitalisation. Cullinan mine, South Africa 3 Financial highlights Production Carats 2005 143,673 2006 175,011 200,287 2007 180,474 2008 200,287 carats 0 250,000 Production has grown steadily over the past four years. Taking into account the completion of the Cullinan acquisition, Petra is targeting over 1 million carats of production (gross) in the 2009 financial year. The first year of production at Koffiefontein contributed almost 90,000 carats, a significant portion of the total Group production figure of 200,287 carats. Revenue US$m 2005 2.3 2006 20.9 US$76.9m 2007 17.0 2008 76.9 0 80 Petra’s revenues increased by 352% during the period under review from US$17 million in 2007 to US$76.9 million in 2008. This substantial increase reflects the expansion of the business and the success of the Company’s acquisition strategy. EBITDA3 US$m 2005 -9.9 2006 -5.3 US$25.5m 2007 -5.2 2008 25.5 -10 0 30 EBITDA3 for the period was US$25.5 million compared to a prior year loss of US$5.2 million. EBITDA3 is stated before share-based expense and foreign exchange loss. Profit after tax US$m 2005 -21.0 2006 -18.8 US$1.9m 2007 -20.9 2008 1.9 -25 0 20 In line with increased revenues, Petra posted a profit after tax of US$1.9 million for the 2008 financial year. This is the first profit figure recorded by the Group and reflects the progression from an exploration into a production-focused group. Summary of results 12 months to 30 June 2008 12 months to 30 June 2007 US$ million US$ million Revenue 1 76.9 17.0 Gross profit 2 39.2 1.3 Other operating income 1.1 – Exploration expense 2 (9.5) (1.2) Other operating expense 2 (5.3) (5.3) EBITDA3 25.5 (5.2) Depreciation (7.1) (6.5) Amortisation (3.8) (3.7) Share based expense (1.6) (0.4) Foreign exchange loss (4.0) (4.8) Net finance income/(expense) 0.2 (1.6) Loss from discontinued operations (1.4) (0.6) Tax (charge)/credit (5.9) 1.9 Net profit/(loss) after tax - Group 1.9 (20.9) Notes: 1.The results for the year comprise Koffiefontein and Petra’s fissure mines, Helam, Sedibeng and Star. The acquisition of the Cullinan mine by the Petra Diamonds Cullinan Consortium was completed on 15 July 2008 and Petra will account for its 37% interest in Cullinan from that date 2.Stated before depreciation, amortisation of intangibles, interest paid, foreign exchange losses and share-based payments 3.All EBITDA disclosures are “adjusted EBITDA”, being stated before share-based expense and foreign exchange loss 4 Petra Diamonds at a glance Petra is focused on Africa, with producing operations and exploration projects spanning the continent. Petra has five producing mines in South Africa – Cullinan, Koffiefontein, Helam, Sedibeng and Star, with a sixth operation to be added to the portfolio through the acquisition of the Kimberley Underground mines. A recent expansion into Tanzania through the acquisition of the Williamson mine from De Beers complements the Group’s exploration and development portfolio which is spread across the highly prospective diamond fields of Angola, Botswana and Sierra Leone. 5 2 3 4 1 5 Petra Diamonds at a glance South Africa - Cullinan 1 37% initial interest through Petra-led consortium; purchase completed July 2008 Second largest diamond resource in the world by in-situ value at 208 million carats (includes tailings) Source of spectacular diamonds, including the Cullinan, the world’s largest ever found at 3,106 carats, a quarter of all the world’s diamonds over 400 carats in size, and highly prized blue diamonds Current B-Cut operations support 1 million carats per annum production Infrastructure and resources in place provide opportunity to significantly uplift production BEE partners hold 26% through Thembinkosi Mining Investments (14%) and a Petra employee share trust (12%) Sale of a 39.19 carat blue diamond in October 2008 for US$8.8 million 1 South Africa - Koffiefontein 70% interest held; BEE partners, Re-Teng Diamonds holds 30% Purchase completed in July 2007 Dramatic economic turnaround achieved in Petra’s hands Now one of the world’s top kimberlite mines by average value per carat, achieving US$484 for the 2008 financial year Annual production of 80,000 carats 1 South Africa - Kimberley Underground Acquisition expected to complete by end of 2008, currently operated by Petra on care and maintenance Diamond recoveries to commence in 2009 Targeted production of 100,000 carats per annum at US$160 per carat (based on historic information) 1 South Africa - Fissure Mines Comprises the Helam, Sedibeng and Star mines Petra has a 74.5% interest in Sedibeng and a 100% interest in both Helam and Star. 110,665 carats produced in the 2008 financial year Average value achieved of US$211 per carat for the 2008 financial year, vs world average of US$90 Tanzania - Williamson 2 Petra to acquire a 75% interest; acquisition expected to complete November 2008 Renowned for producing large, high value diamonds and fancy pink diamonds Open pit operation mining the 146 hectare Mwadui kimberlite pipe Major resource of approximately 40 million carats Initially will add 150,000 carats per annum to Petra Group production, with potential to ramp up to 500,000 carats per annum 3 Angola - Alto Cuilo 41.2% kimberlite interest (on completion of BHP Billiton withdrawal)
Load more

Recommended publications
  • Heritage Survey for De Beers Consolidated Mines, Koffiefontein Mine
    HERITAGE SURVEY FOR DE BEERS CONSOLIDATED MINES, KOFFIEFONTEIN MINE Survey undertaken by Zoë Henderson Archaeologist, National Museum, Bloemfontein P.O. Box 266, Bloemfontein, 9300 Tel: 051 – 447 9609 Fax: 051 – 447 6273 e-mail: [email protected] Date: August/September 2004 CONTENTS Summary of findings…………………………………………………………………… 3 Introduction …………………………………………………………………………….. 3 Areas surveyed …….……..…………………………………………………………….. 4 Archaeological sites ………….………………………………………………………… 5 Industrial Historical Structures ………………………………………………………… 11 Military Sites ……………………………………………………………………………19 Domestic Historical Structures ………………………………………………………….23 Burial Grounds ………………………………………………………………………….26 Other remains on the property ..........................................................................................30 Conclusion ………………………………………………………………………………30 Acknowledgements ……………………………………………………………………..30 References used ………………………………………………………………………... 31 Qualifications of archaeologist ………………………………………………………… 33 Figures ...............................................................................................................................34 Appendix 1 - The black eagles nest ………………………………………………… 118 Appendix 2 - South African Heritage Resource Agency (SAHRA) details ………….. 120 Appendix 3 - Rock engravings ...................................................................................... 121 Appendix 4 - Leaving his mark, an otherwise invisible man ........................................ 123 Appendix 5 - A miner's graveyard at Koffiefontein
    [Show full text]
  • Cullinan Site Visit Presentation
    Cullinan Site Visit 4 February 2017 Photo: Underground at Cullinan: Silo no.2 C-cut project Important Notice • These Presentation Materials are being supplied to you by Petra Diamonds Limited (the “Company”) solely for your information and use at this presentation. These Presentation Materials may contain information that is confidential, legally privileged or otherwise protected by law. These Presentation Materials may not be reproduced in any form, redistributed or passed on, directly or indirectly, to any person or published, in whole or in part, by any medium or for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities law. • These Presentation Materials are exclusively for the purposes of raising awareness about the Company. These Presentation Materials are not intended to solicit the dealing in securities or securities financing nor do they form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities in the Company (“Company Securities”) nor shall they or any part of them form the basis of, or be relied upon in connection therewith or act as any inducement to enter into, any contract or commitment with respect to Company Securities. • These Presentation Materials must not be used or relied upon for the purpose of making any investment decision or engaging in an investment activity. Accordingly, neither the Company nor any of its subsidiary undertakings (as defined in the Bermuda Companies Act 2006) (together, the “Group”), nor any of their respective directors, employees, agents or advisors makes any representation or warranty in respect of the contents of the Presentation Materials or otherwise in relation to the Group or any of its businesses.
    [Show full text]
  • Geological Survey of Canada, 601 Booth Street
    KIMBERLITE DIAMOND DEPOSITS B.A. KJARSGAARD Geological Survey of Canada, 601 Booth Street, Ottawa, Ontario, K1A 0E8 Corresponding author’s email: [email protected] Abstract Diamonds have formed over a significant period of the Earth’s history, from ca. 3.57 Ga to 88 Ma, and probably to present day. Macrodiamonds are interpreted to crystallize from low-density fluids, or carbon- and water-rich melts at pressures >~4.0 GPa and temperatures <~1350°C. These P–T conditions are met within thick, old lithospheric mantle roots that have low paleogeothermal gradients, and these roots lie under ancient continental nuclei. Kimberlite-hosted diamond mines occur in these cratonic shield regions that are older than 2.5 Ga. Macrodiamonds are transported as xenocrysts from the mantle to the surface by kimberlite magmas. The initiation of kimberlite magmatism is at depth in the asthenospheric mantle (>150 km), although the initiation and generation of kimberlite magma is poorly understood. Kimberlites magmas generate a range of rocks that form a wide variety of landforms and intrusions, in many aspects similar to that generated by small-volume alkali basaltic volcanic systems. Kimberlite bodies typically form from mul- tiple intrusive and/or extrusive events; these discrete events form distinct kimberlite phases. These individual kimberlite phases are characterized by differing textures, mineralogy and geochemistry, and diamond grade, size populations and morphology, and value. Résumé Des diamants se sont formés pendant une longue période de l’histoire de la Terre, de 3,57 Ga à 88 Ma environ, et se forment probablement encore de nos jours. Selon diverses interprétations, les macrodiamants se formeraient par cristallisation à partir de fluides de faible densité ou encore de bains magmatiques riches en carbone et en eau à des pressions supérieures à environ 4,0 GPa et à des températures inférieures à environ 1350 oC.
    [Show full text]
  • FY 2021 Trading Update
    21 July 2021 LSE: PDL Petra Diamonds Limited ("Petra" or the "Company" or the “Group”) FY 2021 Trading Update Petra Diamonds Limited is pleased to provide the following unaudited trading update for the year ended 30 June 2021 (the “Year”, the “Period” or “FY 2021”). FY 2021 Results & Outlook: • Health & Safety: o The Group’s Lost Time Injury Frequency Rate for FY 2021 increased to 0.44 (FY 2020: 0.29). Remedial actions and various behaviour-based intervention programmes were launched during the Year to improve the trend o Total injuries, including LTIs, in FY 2021 decreased to 42 (FY 2020: 45) • Operations: o FY 2021 production of 3.24 Mcts (FY 2020: 3.59 Mcts) with increased year-on-year performance at Cullinan offset by lower production at Finsch and Koffiefontein, while Williamson remained on care and maintenance o Record production of 1.94 Mcts at Cullinan • Financials: o FY 2021 revenue up 38% to US$406.9m (FY 2020: US$295.8m) driven by sales from Exceptional Stones (having a value of US$5m or more) contributing US$60.2m during the Year (FY 2020: US$14.9m); the highest annual contribution to revenues from the sale of Exceptional Stones o Post Period end, the Company sold the 39.34 carat exceptional Type IIb blue diamond recovered from the Cullinan Diamond Mine in April 2021 for US$40.2m • Balance Sheet: o Consolidated net debt reduced by nearly two thirds to US$241.2m at 30 June 2021 from US$700.4m at 31 December 2020 (31 March 2021: US$290.7m) following completion of the capital restructuring in March 2021 o Unrestricted cash of
    [Show full text]
  • Estimating Erosion of Cretaceous-Aged
    ESTIMATING EROSION OF CRETACEOUS-AGED KIMBERLITES IN THE REPUBLIC OF SOUTH AFRICA THROUGH THE EXAMINATION OF UPPER-CRUSTAL XENOLITHS A THESIS SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTERS OF SCIENCE AT RHODES UNIVERSITY BY EMILY KATE HANSON JANUARY 2007 ABSTRACT The estimation of post-emplacement kimberlite erosion in South Africa through the study of upper-crustal xenoliths is relatively unexplored; however the presence of these xenoliths has been recognized for well over 100 years. Post-emplacement erosion levels of a small number of South African kimberlite pipes have been inferred through the study of the degree of country-rock diagenesis, the depth of sill formation, the depth of the initiation of the diatreme and fission track studies. Through these studies, several estimates were proposed for the Group I Kimberley kimberlites. Although the 1400 m estimate of erosion remains widely accepted today, this estimate relies on the presence of Karoo-like basalt xenoliths in the Group I Kimberley kimberlites, as their presence proves that basalt existed in the Kimberley area when the kimberlites were emplaced. Basaltic xenoliths were described during the early stages of mining in Kimberley, though only one of these descriptions suggests that the ‘basaltic’ boulders correlate with the Karoo basalts. Because of the discrepancy between these early documentations of upper-crustal xenoliths and because the occurrence of Karoo-like basalt xenoliths in the Group I Kimberley kimberlites is under question, a re-investigation of the erosion levels and the upper crustal xenolith suites in South African, Cretaceous-aged kimberlites, including Melton Wold, Voorspoed, Roberts Victor, West End, Record Stone Quarry, Finsch, Markt, Frank Smith, Pampoenpoort, Uintjiesberg, Koffiefontein / Ebenheuyser, Monastery, Kimberley (Big Hole), Kamfersdam , Jagersfontein, Kaal Vallei, De Beers, Bultfontein, Lushof, Britstown Cluster, Hebron and Lovedale, was conducted.
    [Show full text]
  • Mining Practice in the Kimberley Division of De Beers Consolidated Mines Limited by J
    Mining practice in the Kimberley Division of De Beers Consolidated Mines Limited by J. V. CLEASBY*. B.Se.. A.R.S.M. (Fellow). H. J. WRIGHT*. B.Se.. M.Se.. (Fellow). and M. T. G. DAVIES*. B.Se. (Visitor) SYNOPSIS T his paper highlights the changes that are taking place at De Beers Consolidated Mines Limited in mining methods, mechanization, and employment practices. De Beers has four underground mines in Kimberley itself (Dutoitspan, Bultfontein, De Beers, and Wesselton), and two open-cast mines outside Kimberley (Finsch and Koffiefontein). Emphasis is placed on the new method envisaged for Koffiefontein when it becomes an underground mine. The paper also includes notes on chemical drilling and on winding practices. SAMEVATTING Hierdie referaat laat die klem val op die veranderinge wat by De Beers Consolidated Mines Beperk aan die gang is wat betref mynboumetodes, meganisering en indiensnemingspraktyke. De Beers het vier ondergrondse myne in Kimberley self (Dutoitspan, Bultfontein, De Beers en Wesselton) en twee oopgroefmyne buite Kimberley (Finsch en Koffiefontein). Die nuwe metode wat vir Koffiefontein beoog word wanneer dit 'n ondergrondse myn word, word veral benadruk. Die referaat sluit ook aantekeninge oor chemiese boorwerk en oor wenasgebruike in. INTRODUCTION tains the head office of the De 1891. Finsch Mine was a more Beers Company, and the diamond- recent discovery by A. T. Fincham The Kimberley Division of De sorting and trading companies for in 1961. Beers Consolidated Mines Limited goods produced in Southern Africa, The 'Big Hole' remains as a is composed of four underground which are newly housed in a building monument to the Kimberley Mine, mines in Kimberley itself (Dutoits- specially designed for the purpose.
    [Show full text]
  • Cullinan Site Visit Presentation
    Cullinan Site Visit Petra Diamonds Limited 1 February 2020 Important Notice These Presentation Materials are being supplied to you by Petra Diamonds Limited (the “Company”) solely for your information and use at this presentation. These Presentation Materials may contain information that is confidential, legally privileged or otherwise protected by law. These Presentation Materials may not be reproduced in any form, redistributed or passed on, directly or indirectly, to any person or published, in whole or in part, by any medium or for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities law. These Presentation Materials are exclusively for the purposes of raising awareness about the Company. These Presentation Materials are not intended to solicit the dealing in securities or securities financing nor do they form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities in the Company (“Company Securities”) nor shall they or any part of them form the basis of, or be relied upon in connection therewith or act as any inducement to enter into, any contract or commitment with respect to Company Securities. These Presentation Materials must not be used or relied upon for the purpose of making any investment decision or engaging in an investment activity. Accordingly, neither the Company nor any of its subsidiary undertakings (as defined in the Bermuda Companies Act 2006) (together, the “Group”), nor any of their respective directors, employees, agents or advisors makes any representation or warranty in respect of the contents of the Presentation Materials or otherwise in relation to the Group or any of its businesses.
    [Show full text]
  • Cullinan – the World's Most Celebrated Diamond Mine 6 February 2015
    Cullinan – The World’s Most Celebrated Diamond Mine 6 February 2015 Important Notice These Presentation Materials do not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities in the Company nor shall they or any part of them form the basis of or be relied upon in any manner or for any purpose whatsoever. These Presentation Materials must not be used or relied upon for the purpose of making any investment decision or engaging in an investment activity and any decision in connection with a purchase of shares in the Company must be made solely on the basis of the publicly available information. Accordingly, neither the Company nor its directors makes any representation or warranty in respect of the contents of the Presentation Materials. The information contained in the Presentation Materials is subject to amendment, revision and updating in any way without notice or liability to any party. The presentation materials contain forward-looking statements which involve risk and uncertainties and actual results and developments may differ materially from those expressed or implied by these statements depending on a variety of factors. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions contained herein, which have not been independently verified. The delivery of these Presentation Materials shall not at any time or in any circumstance create any implication that there has been no adverse change, or any event reasonably likely to involve any adverse change, in the condition (financial or otherwise) of the Company since the date of these Presentation Materials.
    [Show full text]
  • Draft Scoping Report.Pdf
    Zitholele Consulting Reg. No. 2000/000392/07 PO Box 6002 Halfway House 1685, South Africa Building 1, Maxwell Office Park, Magwa Crescent West c/o Allandale Road & Maxwell Drive, Waterfall City, Midrand Tel + (27) 11 207 2060 Fax + (27) 86 674 6121 E-mail : [email protected] REPORT ON DRAFT SCOPING REPORT FOR THE NEW KOFFIEFONTEIN SLIMES DAM DEVELOPMENT DETEA Reference Nr: EMR/23(ii), 3, 15/14/11 NEAS Reference Nr: FSP/EIA/0000379/2014 Report No : 13034-46-Rep-002-DSR-Rev1 Submitted to: Koffiefontein Mine JV 1 du Preez Street Koffiefontein 9986 DISTRIBUTION: 2 Copies - Koffiefontein Mine JV 1 Copy - Zitholele Consulting (Pty) Ltd – Library 22 September 2014 13034 Directors: S Pillay (Managing Director); N Rajasakran (Director); Dr AM Van Niekerk (Director) 22 September 2014 i 13034 YOUR COMMENT ON THE DRAFT SCOPING REPORT The Draft Scoping Report (DSR) is available for comment from 29 September 2014 to 7 November 2014. This DSR has been distributed to the authorities, and copies thereof are available at strategic public places in the project area (see below). VENUE CONTACT DETAILS Printed Copies Letsemeng Local Municipal Offices, 7 Groot Trek Street, Koffiefontein Tel.: 053 205 9200 Koffiefontein Public Library, 29 Groot Trek Street, Koffiefontein Tel.: 053 205 0147 Ditlhake Public Library, 429 Ttsane Street, Ditlhake, Koffiefontein Tel.: 053 205 0383 Ethembeni Clinic, 100 Jacobsdal Road, Koffiefontein Tel.: 053 205 0977 ELECTRONIC COPIES Zitholele Consulting Website http://www.zitholele.co.za/eia-for-koffiefontein-slime-dam Available
    [Show full text]
  • This Announcement Contains Inside Information for the Purposes of Article 7 of Eu Regulation 596/2014. This Announcement And
    THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014. THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, ANY OF THE EXCLUDED TERRITORIES OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT. NOTHING IN IT SHALL CONSTITUTE AN OFFERING OF ANY SECURITIES. ANY DECISION TO PURCHASE, SUBSCRIBE FOR, OTHERWISE ACQUIRE, SELL OR OTHERWISE DISPOSE OF ANY PROVISIONAL ALLOTMENT LETTER, NIL PAID RIGHTS, DI NIL PAID RIGHTS, RIGHTS ISSUE SHARES AND/OR NEW DIS MUST BE MADE ONLY ON THE BASIS OF THE INFORMATION CONTAINED IN AND INCORPORATED BY REFERENCE INTO THE PROSPECTUS ONCE PUBLISHED. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT. FOR IMMEDIATE RELEASE 24 May 2018 LSE: PDL Petra Diamonds Limited (“Petra”, “the Company” or “the Group”) Proposed 5 for 8 fully underwritten US$178 million Rights Issue The Board of Petra Diamonds Limited today announces a fully underwritten rights issue to raise gross proceeds of approximately US$178 million (approximately £133 million). A prospectus containing full details of the Rights Issue is expected to be made available on the Group's website (www.petradiamonds.com) later today. HIGHLIGHTS • Petra has managed to execute its strategy within the constraints of its existing resources and has successfully delivered on the majority of milestones associated with its development plans across the portfolio.
    [Show full text]
  • Cullinan – the World's Most Celebrated Diamond Mine
    Cullinan – The World’s Most Celebrated Diamond Mine 15 October 2013 Important Notice These Presentation Materials do not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities in the Company nor shall they or any part of them form the basis of or be relied upon in any manner or for any purpose whatsoever. These Presentation Materials must not be used or relied upon for the purpose of making any investment decision or engaging in an investment activity and any decision in connection with a purchase of shares in the Company must be made solely on the basis of the publicly available information. Accordingly, neither the Company nor its directors makes any representation or warranty in respect of the contents of the Presentation Materials. The information contained in the Presentation Materials is subject to amendment, revision and updating in any way without notice or liability to any party. The presentation materials contain forward-looking statements which involve risk and uncertainties and actual results and developments may differ materially from those expressed or implied by these statements depending on a variety of factors. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions contained herein, which have not been independently verified. The delivery of these Presentation Materials shall not at any time or in any circumstance create any implication that there has been no adverse change, or any event reasonably likely to involve any adverse change, in the condition (financial or otherwise) of the Company since the date of these Presentation Materials.
    [Show full text]
  • Cullinan Site Visit Presentation
    Cullinan Site Visit February 2019 Cullinan Site Visit Programme Time Activity 10:00 Arrive Cullinan Diamond Mine 10:15 Orientation and Safety Briefing 10:45 Underground visit 12:15 Plant and Surface Visit 13:15 Lunch 14:00 Overview briefing on Petra and Cullinan 15:00 Depart Cullinan Petra Diamonds Limited: Cullinan Site Visit February 2019 Plan View of Cullinan Mining Areas: Areas to Visit CC1E CC1E 824 South C-Cut 839 North Intersection Top of Silo Crusher & Tip North Conveyor North View from North Bottom of Silo Loading Section Petra Diamonds Limited: Cullinan Site Visit February 2019 3 Petra Overview An Exceptional Growth Path July 2007 July 2008 February 2009 September 2011 Koffiefontein Cullinan Williamson Finsch 70% Petra¹,²; 30% BEE 74% Petra¹; 26% BEE 75% Petra; 25% 76% Petra¹; 24% BEE Government of Tanzania Sub Level & Block Cave Block Cave Open Pit Sub Level & Block Cave The Petra approach: • Focus on efficiencies and simplification • Utilise in-house capabilities and share services across mines • Focus on ‘value’ as opposed to ‘volume’ production • Maximise rough diamond prices through competitive tender sales system Petra Diamonds Limited: Cullinan Site Visit February 2019 5 Current Trading in H1 FY 2019 On track to meet guidance of 3.8 – 4.0 Mcts for FY 2019 • 2,019,147 carats produced in H1 FY 2019 (up 10% vs. H1 FY 2018) • H1 revenue up 8% to US$207.1 million • Diamonds sold increased 15% to 1,736,357 carats • Capex of US$40.6 million in line with Petra’s declining capex profile Mixed rough diamond prices • Rough diamond prices on a like-for-like basis reduced by ca.
    [Show full text]