A focus on continuous improvement to ensure for safe and efficient operations
We aim to ensure responsible and sustainable production from our orebodies while maximising the life of mining operations.
Our approach
Sustainable production can only be attained if the mining and treatment of our mineral resources are executed in an effective and efficient manner. This is achieved using mine planning, asset management and diamond value management systems, as well as feasibility studies and subsequent Life of Mine extension projects.
Key focus areas:
- Diamond Value Management Framework (optimising US$/Rand per tonne extracted from current ore resources)
- Resource delineation, bulk sampling and feasibility studies
- Tailings management
- Life of mine extension plans
- Asset maintenance management
- Health and safety
Our strategy in action
Mitigating risks for improved production at Finsch in H2 FY 23
Asset management is performed to optimise the availability of mining and processing equipment, reduce down time and improve efficiency.
| Challenges | Mitigating Actions |
|---|---|
| Tunnel availability | – Implementation of a draw control strategy – Extra focus on improving drill & blast process – Commissioning of 78L phase 2 tunnels |
| Fleet Availability | – Acquisition and commissioning of new machinery |
| Vacant key positions | – Recruitment into key positions, leverage care and maintenance opportunities from Koffiefontein – Culture reset initiative launched to retain staff |
How we measure our performance
FY23 TOTAL ORE PROCESSED
(FY22: 11.7 MT)
Rough diamond production (MCTS)
The number of diamonds produced from Group operations
For more information on how we track our sustainability performance see our Sustainability KPIs.
Standards and guidelines we follow
- Global International Standard on Tailings Management (GISTM)
- Global Forum for Maintenance and Asset Management (GFMAM) – Key Performance Areas
- ISO 55000: Asset Management Principles and Systems Š The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (the SAMREC Code)
Maintaining best-in-class performance on our mines requires continuous capital and operating expenditure. Petra’s ambition is to consistently out-perform on our capex and opex management against set targets, instilling trust in our stakeholders and increasing market confidence.
Our approach
Part of our capex and opex performance targets includes ensuring our operations remain financially feasible and our supply chain continues to deliver and support our growth, profitability and sustainability commitments. Petra recently implemented a project management process that allows the Company to make more informed investment decisions, minimise risk and deliver predictable and competitive projects in terms of cost and schedule.
Areas of focus:
- Cost control
- Supply chain performance and efficiencies
- Appropriate project preparation
- Effective project controls
Our strategy in action
Initiated in 2019, Project 2022’s scope was far-reaching and touched on every element of our business. Ideas were encouraged, reviewed and ultimately developed as projects with cross-disciplinary project teams working together.
Project 2022 was initiated in 2019 to significantly improve net free cashflow (NFCF) and instil a culture of continuous improvement.
Year 0 – FY 2019
Identify the opportunity
- A high level size of prize established ($100-150m NFCF)
- Diagnostics on key opportunities
- Develop road map
Year 1 – FY 2020
Stabilise and generate cash – existing assets
- Operations: deliver substantial part of benefit in first 12 months
- Overhead cost optimisation
Year 2 – FY 2021
Instil a continuous improvement culture
- Establish systems and processes (wiring) to create demand for improvement
- Continuous improvement in Petra
Year 3 – FY 2022
Position the Company to pursue further growth opportunities
Conclusion – FY2022
Project 2022 delivered US$265.4 million in net FF and is now established within the Company’s Operating Model and Culture.
How we measure our performance
Operational Capex (US$ MILLION)
Capital expenditure incurred by the operations, comprising expansion and sustaining capex
Operational free cashflow (US$ MILLION)
Cash generated from operations less acquisition of property, plant and equipment
For more information on how we track our sustainability performance see our Sustainability KPIs.
Standards and Policies
- Relevant project feasibility studies and Project Management Standards
