VANCOUVER (miningweekly.com) – Southern African diamond miner Lucara Diamond Corp has breached the $1-billion revenue mark for the first time since production at the Boteti Karowe mine, in Botswana, started in June 2012.
"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. 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,” president and CEO William Lamb stated.
Following the close of the fourth regular tender of 2016, total revenue for the year, including the sale of the 813 ct Constellation diamond, is estimated to be $295-million at an average price of $823/ct. Revenue excluding the sale of the Constellation diamond is estimated at $232-million, at an average of $649/ct.
The company sold 14 exceptional stones at more than $2-million per precious gem (including four diamond fetching more than $10-million apiece. The Karowe mine has distinguished itself for the high-frequency recovery of exceptional stones – 20 of which also sold for between $1-million and $2-million each.
For the fourth quarter, revenue is expected to total $66.1-million, at an average of $743/ct, including the second exceptional stone tender held in November.
The Karowe mine has to date yielded 1.8-million carats, generating revenue of $1.02-billion at an average price of $566/ct.
Lucara also reported having achieved five-million hours of lost-time-injury-free hours of operations.
“We look forward to continued success in 2017 with the advancement of our exploration and deep drilling programmes and the completion of our capital programmes to enhance diamond recovery from the high value south lobe,” Lamb said.
The company also continues to hold the 1 109 ct Lesedi La Rona diamond – the second-largest gem-quality diamond ever found – in inventory and is considering options for its sale.