London-listed Petra Diamonds has postponed its August/September tender to support measures taken by major producers to limit supply amid weaker demand.
Rough diamond parcels from its South African operations, originally intended for sale in August/September as part of the first tender for the 2025 financial year, will now be included in the second tender, expected to close in mid-October. The schedule for tenders from the Williamson mine in Tanzania remains unchanged.
Petra’s South African operations include the Cullinan and Finsch mines. The company anticipates that supply discipline and seasonally stronger demand later in the year will help support pricing.
Recent measures to strengthen Petra’s balance sheet have provided the flexibility to adjust the timing of its tenders in response to market conditions.
The company assures shareholders it has sufficient liquidity and undrawn credit facilities to meet its working capital needs.
