Petra Diamonds Ltd – Conclusion of long-term electricity purchase agreements for the purchase of renewable energy – Company announcement

        23 May 2024 LSE: PDL

Petra diamonds Limited

(

Petra

Or

Business

)

Concluding long-term electricity purchase agreements for the purchase of renewable energy

Petra announces that it has entered into long-term power purchase agreements (

PPA

(s) on the purchase of circular renewable energy for the Cullinan and Finsch diamond mines from Etana Energy, a licensed South African energy trader. The PPAs will provide each operation with 36-72% of expected load demand starting in FY2026 by leveraging the existing electrical grid.

This represents a milestone in Petra’s sustainability ambitions, enabling Petra to achieve its target of reducing Scope 1 and 2 greenhouse gas emissions by 35-40% by 2030 (compared to the 2019 baseline) with well in advance. In addition to reducing the Company’s carbon footprint, a portion of the energy sourced from Etana will contribute to the coverage of predictable energy costs and is expected to result in sustainable savings over the life of the PPAs. The company maintains its commitment to achieve net zero Scope 1 and 2 emissions by 2050, with the ambition to achieve this by 2040.

Etana provides competitively priced clean energy from new, large-scale renewable energy projects by connecting to the existing South African grid. It has a portfolio of multiple ready-to-build and grid-secured wind and solar projects scheduled to come online in 2025 and 2026. Etana’s high wind portfolio provides greater consistency in its 24/7 renewable energy supply, resulting in greater cost savings and environmental benefits.

Richard DuffyCEO of Petra Diamonds, commented:

“These agreements are in line with Petra’s renewable energy strategy and exemplify the Company’s continued integration of sustainability ambition into everything we do. This will result in a significant reduction in our greenhouse gas emissions, well ahead of our 2030 target, and will further strengthen our company’s sustainability credentials. We believe this is an important aspect, alongside the traceability and origin of our diamonds, that differentiates Petra’s product offering. Additionally, as part of our ongoing efforts to reduce our cost base, the secured duty rate is expected to lead to sustained reductions in energy supply costs, which will further reduce fixed costs at our facilities in South Africa

.

The agreements with Etana also demonstrate how Petra creates shared value through partnerships, and we look forward to entering into a long-term partnership with them.”

Reyburn Hendricksdirector of Etana Energy commented:

“We are delighted to announce these agreements with Petra Diamonds, which shares our commitment to promoting sustainable development. This represents a key step towards fulfilling our mission to accelerate the deployment of new renewable energy generation capacity in SA in a way that creates value for our customers and has a positive impact on the country and our planet.”

FURTHER INFORMATION

Please contact

Investor Relations, London

Patrick Pittaway






Telephone: +44 20 7494 8203

Julia Stone









investor [email protected]

Kelsey Traynor

ABOUT PETRA DIAMONDS

Petra Diamonds is a leading independent diamond mining group and supplier of gem-quality rough diamonds to the international market. The Company’s portfolio includes shares in three underground mines in South Africa (Cullinan’s MineFinsch and Koffiefontein) and one open pit mine in Tanzania (Williamson). The Koffiefontein mine is currently under care and maintenance in preparation for a possible sale following the signing of a definitive sale agreement as announced on April 8, 2024.

Petra’s strategy is to focus on high-value rather than mass production by optimizing recovery from a high-quality asset base to maximize their efficiency and profitability. The Group has a significant resource base that supports the potential for long-term operations.

Petra strives to conduct all business in accordance with the highest ethical standards and operates only in countries that are members of the Kimberley Process. The Company’s goal is to generate tangible value for each of its stakeholders, thereby contributing to the socio-economic development of host countries and supporting long-term, sustainable activities for the benefit of its employees, partners and communities.

Petra is listed on the main market of the premium stock exchange London Stock Exchange under the “PDL” tag. Loan notes The companies maturing in 2026 are listed on the stock exchange Irish Stock Exchange and admitted to trading on the stock exchange Global exchange market. More information can be found at www.peradiamonds.com.