Company
LON:PDL
Mid-tier diamond exploration, development and production with all of its operations in Southern Africa. Petra as one of the world’s largest independent diamond groups by resources, with a total resource base of 265 million carats, worth US$27.3 billion.
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The company has identified a path to early development that aims to position Longonjo as an important supplier of NdPr raw materials to meet demand from the electrification of vehicles.
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Petra’s balance sheet and cash are “likely to come under significant stress” during operational halts in South Africa die to the coronavirus pandemic, according to Barclays' analysts
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The miner also cits its full-year cash flow estimates amid weakness in the diamond market, partially caused by the coronavirus outbreak
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The analysts removed their share price target “as we find the range of valuation outcomes too wide for the stock to have a point estimate for target price”
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Production increased by 2.5% but revenues fell 6% due to lower diamond prices and an adverse mix of diamonds
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South Africa's once-mighty economy now looks increasingly vulnerable
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The uptick post-period end may be due to the efforts by diamond giants De Beers and Alrosa to limit output and sales into the midstream
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Avesoro Resources (LON:ASO) – Response to take-over offer Barrick Gold – settles with Tanzania for $300m, a 16% free-carried interest in each of the Barrick-Acacia’s Tanzanian gold mines and a 50:50 profit sharing agreement Shanta Gold – Ta
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After its shares faded to an all-time low, Petra insisted on Tuesday that it “is not considering raising equity” to refinance
Investments and investor services
A look at the day's major movers, including Low & Bonar, BP, Petra Diamonds and Transense Technologies
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Analysts think Petra will need to refinance circa US$475mln of forecast debt when it falls due, which is “still too much” considering the level of forecast cash flow generation
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Analysts had cautiously expected the diamond to go for at least US$25mln, given that a 507-carat stone from Cullinan fetched US$35mln back in 2009
A changing of the guard is underway at Petra Diamonds
Investments and investor services
Footsie closed down around 0.19 at 7,436, while mid-cap FTSE 250 was up around 95 points at 19,807
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There will be plethora of UK data - jobs, inflation, and retail sales - plus corporate updates from the likes of Unilever, BHP Rio Tinto, Bunzl and Rentokil Initial
Analysts think the diamond could fetch somewhere between US$25-35mln when it goes up for sale later this year
After a recent trip to Antwerp, Berenberg’s analysts said: “Sentiment is mixed, with rough diamond prices starting the year on a relatively lacklustre note, but at least remaining stable, rather than weakening"
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There was plenty to keep mining investors attention this past week.
