Lucara Diamond Corp reports strong Q4 earnings
TORONTO (miningweekly.com) – Southern Africa-focused precious gem miner Lucara Diamond Corp on Thursday reported strong fourth-quarter earnings, boosted by greater-than-expected output from its flagship Boteti Karowe mine, in Botswana, and exceptional stone recoveries.
For the three months ended December 31, Lucara reported net income of $21.4-million, or $0.05 a share, compared with a net loss of $4.1-million, or $0.01 a share, a year earlier.
Revenue more than doubled to $58.7-million in the quarter, helped by rising prices per carat sold.
Full-year revenue totalled $180.5-million from diamond sales that achieved an average price of $411/ct at operating expenses of $100/ct.
Lucara, which published its results after the market closed in Toronto, said it had sold 438 717 ct during the year for proceeds of $180.5-million, achieving a full-year cash operating margin of $311/ct.
At the end of the year, the company had about 67 000 ct of rough gems in the vault, including a selection of exceptional stones totalling more than 1 000 ct. The company expects to hold its first exceptional stone tender of 2014, early in the second quarter.
During 2013, the company held three exceptional stone tenders, achieving revenues of $72.1-million (2 971 ct at $24 290/ct).
In 2014, Karowe was forecast to process 2.2-million to 2.4-million tonnes of ore and to produce and sell between 400 000 ct and 420 000 ct of diamonds. The company plans to hold eight diamond tenders and two exceptional stone tenders during the year.
Lucara's Mothae diamond project, in Lesotho, remains on care and maintenance while the company is reviewing development options.
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