Lucara sales exceed $1 billion
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 – Lamb
Diamond producer, Lucara, announced last week that following the closure of the fourth Regular Tender of 2016, it exceeded $1 billion in accumulated sales since the start of production in June 2012.
Its quarterly revenue highlights indicate that the Q4 2016 revenue, inclusive of the second Exceptional Stone Tender held in November, is $66.1 million at an average of $743 per carat.
Lucara has revealed that total revenue for the year end, inclusive of the Constellation Diamond sale, is estimated to be $295 million at an average of $823 per carat. Revenue excluding the sale of the Constellation Diamond is estimated at $232 million at an average of $649 per carat.
The company sold 14 exceptional stones at over $2 million per stone (including 4 stone at over $10 million per stone). Additionally, the company sold 20 exceptional stones between $1 – $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 of $566 per carat.
Lucara President and Chief Executive Officer, William Lamb said “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.”
Lamb noted that they are pleased that their final sale of the year has shown strong demand for their 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,” he concluded.The company’s main producing asset is the 100% owned Karowe Mine in the Boteti area. The Company also conducts exploration activities and holds two precious stone prospecting licenses close to its Karowe mine.