Petra Diamonds said the change was announced in its Q3 FY 2026 operating update for the three months to 31 March after weather disruption and price weakness in smaller size fractions prompted a product‑mix shift.
Revenue rose to US$68 million in Q3 FY 2026, up from US$49 million in Q2 FY 2026, helped by the sale of a 41.82 carat Type IIb blue diamond, while management said pricing remains under pressure and tenders were hit by travel disruption linked to the Middle East conflict.
"Management has embarked upon an immediate cost and capital expenditure reduction assessment to preserve liquidity across the Group," the interim joint chief executive officers Vivek Gadodia and Juan Kemp said.
Consolidated net debt increased to US$298 million at 31 March, from US$284 million at 31 December 2025, with the Group’s ZAR1.75 billion revolving credit facility fully drawn.
Ore processed fell 4% to 1.5Mt from 1.6Mt as Cullinan was impacted by weather‑related power interruptions and underground road deterioration while ROM grade at Finsch continued to improve.
Petra said it has reprioritised mining to the eastern C‑Cut at Cullinan to recover higher‑value Type‑II stones, accepting a lower grade and reduced carat recoveries as necessary to protect product mix and cash generation.
The company is reviewing operating and capital spend, is considering suspending further capital expenditure at Finsch, expects the Finsch assessment to be finalised during May 2026, and cautioned the review may take longer than currently anticipated.
