Petra Diamonds Limited (“Petra” or the “Company” or the “Group”) manages one of the world’s largest diamond Resources of 290 million carats (“Mcts”). This major Resource implies that the potential mine lives of Petra’s core assets could be considerably longer than the current mine plans in place at each operation, or could support significantly higher production rates.
As at 30 June 2018, the Group’s gross Diamond Resources (inclusive of Reserves) decreased 4.8% to 290.48 Mcts (30 June 2017: 304.97 Mcts), due to depletion by mining activity at all operations and the pending disposal of Petra’s interest in KEM JV. A new Resource estimation exercise for Cullinan is currently in progress.
The Group’s gross Diamond Reserves decreased 16.1% to 42.92 Mcts (30 June 2017: 51.13 Mcts) due to depletions at all operations, the exclusion of the KEM JV Reserves, and a reduction in the recovered grade in the Cullinan Life Of Mine (“LOM”) planning, as a result of the revised grade guidance issued at the time of the H1 FY 2018 Trading Update.
The following table summarises the gross Reserves and Resources status of the combined Petra Group operations as at 30 June 2018.
|Category||Tonnes (millions)||Grade (cpht)||Contained Diamonds (Mcts)|