Industry News by Nemesis

Lucara Posts “Strong” Q1 Revenues, Starts Lesedi La Rona Diamond Sale

May 15, 2016

Lucara Diamond has recorded first quarter revenues of $50.6 million or $649 per carat compared to $29.6 million or $278 per carat, a year earlier.
 

It said its net cash position was $144.3 million during the same period under review, up from $87.5 million during the same period, last year.
 

Lucara’s earnings before interest, taxes, depreciation and amortization (EBITDA) for the period was $30.7 million against $11.9 million, a year earlier.
 

The company also noted that the first exceptional stone tender for the year achieved $51.3 million, resulting in its year to date revenue exceeding $100 million. 
 

It also completed the transfer of its shares of Mothae Diamonds and the site bulk sample plant to the government of Lesotho. 
 

This saw the company being released from any rehabilitation liability for the Mothae Project, which had been accrued in the accounts for approximately $2 million.
 

Meanwhile, Lucara chief executive William Lamb said the sale of the Lesedi La Rona diamond, the 1,109 carat stone discovered last November in Botswana had commenced.
 

“(It) is resulting in a great deal of interest and excitement for this magnificent, historic stone, culminating in an auction during the month of June," he said.
 

Lamb said Lucara's exploration programme continues to advance and with the deep drilling of the Karowe resource due to commence in the second quarter, the company was “excited” by the prospects for the remainder of 2016 and the potential organic growth opportunities.
 

The company said it maintains its forecast to spend approximately $3.7 million for deep drilling in the south lobe of the AK6 kimberlite and south lobe in Botswana with the goal of converting inferred resources below 400 metres depth to an indicated resource. 
 

An exploration budget of up to $7.0 million was also forecast for advanced bulk sampling and drilling work at its two Botswana prospecting licenses.

 

Source: Rough&Polished

 

 

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