Petra controls one of the world’s largest diamond resources and the consolidation of this major carat base has been a key strategic objective for the Group. Taking into account the rough diamond supply / demand imbalance which is forecast to emerge in the coming years, Petra's 'carats in the ground' are expected to become increasingly valuable and the Group’s growing production will be an ever more important source of supply. The careful management of such a large resource will ensure sustainable, long-life mining operations for the Petra Group for many years to come. It also provides flexibility in terms of organic growth, dependent on diamond and capital market conditions.
The following table summarises the Reserves and Resources status of the combined Group operations as at 30 June 2011. The Reserves and Resources for Finsch have been included in this table as if the transaction had completed by 30 June 2011. The Reserves and Resources for each individual operation are listed separately on each mine webpage.
| Category | Gross | Net attributable |
| Tonnes (millions) | Grade (cpht) | Contained Diamonds (Mcts) | Tonnes (millions) | Grade (cpht) | Contained Diamonds (Mcts) |
|---|
| Reserves |
|
|
|
|
|
|
|---|
| Proven |
16.623 |
7.03 |
1.169 |
12.304 |
7.04 |
0.866 |
|---|
| Probable |
111.789 |
42.99 |
48.062 |
82.726 |
42.99 |
35.566 |
|---|
| Sub-total |
128.412 |
38.34 |
49.231 |
95.030 |
38.34 |
36.432 |
|---|
| Resources |
|
|
|
|
|
|
|---|
| Measured |
15.726 |
8.29 |
1.304 |
11.638 |
8.30 |
0.966 |
|---|
| Indicated |
463.302 |
48.35 |
223.999 |
343.830 |
48.22 |
165.809 |
|---|
| Inferred |
1,248.126 |
6.44 |
80.397 |
932.496 |
6.42 |
59.847 |
|---|
| Total Resources inclusive of Reserves |
1,727.154 |
17.70 |
305.701 |
1,287.965 |
17.60 |
226.622 |
|---|
Notes (these notes apply to the Reserves and Resources statements for each of Petra’s individual operations)
- Resources are reported inclusive of Reserves.
- Tonnes are reported as millions; contained diamonds are reported as million carats.
- Tonnes are metric tonnes, and are rounded to the nearest 1,000 tonnes; carats are rounded to the nearest 1,000 carats; rounding off of numbers may result in minor computational discrepancies.
- Resource tonnages and grades are reported exclusive of internal waste, unless where otherwise stated.
- Reserve tonnages and grades are reported inclusive of external waste, mining and geological losses and plant modifying factors; Reserve carats will generally be less than Resource carats on conversion and this has been taken into account in the applicable statements.
- The Reserves and Resources Statement shown above is based on information compiled internally within the Group under the guidance and supervision of Jim Davidson, Pr. Sci. Nat. (reg. No.400031/06). Jim Davidson is the qualified person for the purposes of the AIM guidance note on Mining, Oil and Gas companies (2006). Jim Davidson has over 30 years' relevant experience in the diamond industry and is a full-time employee of Petra.
- All Reserves and Resources have been independently verified by Dr Patrick Bartlett, Pr. Sci. Nat. (reg. No. 400060/87) as a competent person, in his report dated 23 November 2011. Dr Bartlett is a competent person with over 30 years’ relevant experience in the diamond mining industry, who was appointed as an independent consultant by the Company for this purpose. A Competent Person’s Report was not produced in arriving at the Reserves and Resources independent verification. Dr Bartlett was subsequently appointed as an independent Non-Executive Director of the Company on 28 November 2011; the Company is of the clear opinion that prior to Dr Bartlett’s appointment to the Board, he was an independent consultant to the Company and there were no conflicts of interest or other matters arising that would affect his independence as an expert consultant.
- Reserves and Resources have been reported in accordance with the SAMREC Code.