Industry News by Nemesis

Lucara's Karowe Mine Exceeds $1.0 Billion in Sales

December 15, 2016

Lucara Diamond Corp. has passed the $1 billion mark in accumulated sales since the start of production in June 2012 following the close of the fourth regular tender of 2016, the company said.

 

The Q4 2016 revenue, inclusive of the second Exceptional Stone Tender held in November, is $66.1 million at an average price per carat of $743.

 

Total revenue for the year end, inclusive of the Constellation Diamond sale, is estimated to be $295 million at an average price per carat of $823 per carat. Revenue excluding the sale of the Constellation Diamond is estimated at $232 million at an average average price per carat of $649.

 

The company sold 14 exceptional stones at over $2 million per stone (including 4 stones at over $10 million per stone). Additionally, the company sold 20 exceptional stones between $1 million - $2 million per stone.

 

The Karowe mine, to date, has yielded 1.8 million carats generating revenue of $1.02 billion at an average price per carat of $566.

 

William Lamb, President and Chief Executive Officer commented "Achieving sales of $1 billion is a significant milestone for the company and is a recognition of our strong client base and the quality of diamonds recovered from the Karowe mine. Such a milestone could only have been achieved with the dedication of our employees, who have demonstrated a great commitment to working safely on site as exemplified by the Karowe mine surpassing 5,000,000 Lost Time Injury Free hours. 

 

"We are pleased that our final sale of the year has shown strong demand for our larger higher quality diamonds and also a sustainable demand for the smaller size diamonds. We look forward to continued success in 2017 with the advancement of our exploration and deep drilling programs and the completion of our capital programs to enhance diamond recovery from the high value south lobe."

 

Source: Idex

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