Petra Diamonds Limited announced that Richard Duffy would take over as CEO from Johan Dippenaar while reporting a 10 percent increase in production to 2.02 million carats and a 15 percent increase in sales to 1.74 million carats, in its unaudited interim results for the six months to December 31, 2018. Revenue for the period was $207.1 million, up from the $191.8 million during the same period the previous year.
The results exclude the Kimberley Ekapa Mining Joint Venture and Helam Mining, both of which were sold by December 5 and 6 respectively.
Full year production guidance has been maintained at between 3.8 and 4 million carats.
Outoing CEO Dippenaar commented, “As we have also communicated today, these are the last results that I will be reporting as CEO, and I am pleased that we have accomplished our operational targets for the period. I would like to take this opportunity to thank Petra’s Board, management and staff for their tremendous support over the last fourteen years. I am very proud of the team’s efforts to grow the company and more recently to overcome a number of challenges to lay the foundations for Petra’s next phase of delivery.”
Incoming CEO Duffy, who takes office on April 1, brings 27 years’ experience in mining in a variety of operational and functional leadership roles at Anglo American and AngloGold Ashanti Limited. His roles at AngloGold Ashanti included heading up their African operations as well as that of CFO. After his departure from AngloGold Ashanti in early 2015, he was co-founder of a company that develops, finances, builds and operates renewable and hybrid energy projects in sub-Saharan Africa.
Duffy observed, “I am delighted to have been appointed CEO of Petra Diamonds. I look forward to working with a very capable team that has grown the business and laid the foundations for delivering on the recent capital investment programme.”
Petra Chairman, Adonis Pouroulis, commented, “We are extremely pleased that Richard will be joining Petra Diamonds. He brings with him an impressive depth of global mining experience which we believe will be critical to drive Petra’s transition from a phase of intensive capital expenditure and expansion to a focus on steady-state, cash-generative operations.”
He added, “We are deeply grateful to Johan Dippenaar for all of the work he has done over the past 14 years to lead Petra through a long period of significant growth and establishing the company as a leading independent diamond producer.”
Dippenaar will work closely with Duffy in the interim period to ensure a smooth handover.