for the next two fiscal years and appointed a new finance leader as part of its plans to lower expenses and debt in a clear sign the diamond market remains in bad shape.in December that the sector was beginning to recover. Six months later, Petra has instead cut its production targets. It now expects to produce between 2.8 million and 3.1 million carats in fiscal 2025 and between 2.9 million and 3.3 million in fiscal 2026.
These downgrades, announced in an investor day presentation, coincide with Petra’s plan to reduce operating costs by $30 million annually starting in the fiscal year that end on June 30, 2025. Total capital spending will be reduced to $100 million from $117.1 million in fiscal 2023. “ has played a crucial part in the progress of Petra since joining in January, and I am excited to collaborate with him in his new capacity,” Duffy said.
Cullinan is Petra’s flagship mine and the source iconic diamonds, including the famed 3,106-carat Cullinan diamond, which was cut to form the 530-carat Great Star of Africa. They are the two largest diamonds in the Petra’s planned output increase, equivalent to 15% to 17% over three years, will require about $100 million annually. Duffy stated the plans will be financed internally.
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