• EXCURSION
© Sharyn Macnamara , African Mining
Panoramic view of old pit with the collapse caused by subsidence visible on the far side of the pit .
A TOUR OF CULLINAN DIAMOND MINE ,
A GEM IN THE PETRA PORTFOLIO
By : Dr Nicolaas Steenkamp and Sharyn Macnamara
Robust health across the diamond value chain has been evident since mid-2021 . The recent sterling performance of Petra Diamonds Limited ( Petra ) and the success at the company ’ s Cullinan Diamond Mine in South Africa , in particular , bears testament to the buoyancy of the diamond market .
In February 2022 Petra , leading independent diamond mining group and a supplier of gem quality rough diamonds to the international market , announced its unaudited interim results for the six months ended 31 December 2021 . The Company ’ s portfolio incorporates interests in three underground producing mines in South Africa ( Finsch , Cullinan and Koffiefontein ) and one open pit mine in Tanzania ( Williamson ).
26 • African Mining • June 2022
Richard Duffy , chief executive of the company , summed up the company ’ s stellar performance , “ Petra has delivered strong results , growing revenue by 49 % and adjusted EBTIDA by 87 %, as well as reducing net debt significantly . We have benefitted from the recovery in rough diamond prices , record proceeds from the sale of Exceptional Stones , and the improvements we have made in our operations , resulting in significantly improved safety levels , profitability and cash flow .” www . africanmining . co . za