a $367-million revenue for its fiscal year 2024, slightly higher than the $325 million achieved last year, despite weak market conditions, higher costs and lower diamond prices.
A build-up of diamond inventory in FY 2023 of $34 million and a subsequent release in FY 2024 of $37 million contributed to adjusted mining and processing costs increasing from $202 million in 2023 to $296 million this year, Petra said. Despite market challenges, Petra remains confident in its FY 2025 outlook. The company’s South African mines, now accessing fresh ore from newly developed project areas, alongside the Williamson mine in Tanzania, which is operating at full production, are central to this optimism.
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