Lucara’s Revenue Reaches P2.8bn

  • 34 diamonds greater than 100 carats, including 9 greater than 200 carats, recovered
  • 795 specials representing 7.2% weight percentage of total carats recovered in 2022


During the year that ended 31 December 2022, Lucara Diamond Corporation generated revenue of $212.9 million (approximately P2.8 billion).

This is the company that mined ore and waste of 3.3 million tonnes (2021: 3.7) and 1.5 million tonnes (2021: 2.6), respectively.

The multi-listed mining company also recovered 335,769 of carats in the period under review (2021: 369,390) at a recovered grade of 12.12 carats per hundred tonnes of direct milled ore (2021: 12.93).

Known for recovering ‘specials,’ as diamonds in excess of 10.8 carats in size are usually referred to, the company did what it is best known for when it recovered 795 specials during 2022, representing 7.2 percent weight percentage of total carats recovered.

Tenth year of operations

“A total of 34 diamonds greater than 100 carats were recovered, including 9 diamonds greater than 200 carats,” reads the company’s financial results for the period under review released recently.

Commented Lucara President and CEO, Eira Thomas: “The Karowe Diamond Mine completed its tenth year of continuous operations and successfully delivered on all of its financial and operating metrics, including safety, production, processing, sales and revenues, with costs trending below guidance and continued access to sufficient liquidity in support of our growth plans.

“For the underground expansion project, we achieved a number of important milestones, including the completion of all pre-sinking activities on schedule and budget, the execution of a main shaft sinking contract, the commencement of main shaft sinking and the completion of a new power line on schedule and budget.”

Thomas noted that Lucara commenced its first grouting phase in the production shaft in December, which was successfully completed in February 2023, confirming that the company’s planned approach and methodology is effective.

Diamond market healthy

“The impact of delays and a slower than anticipated ramp up in shaft sinking cycle times, together with experience gained from our first grouting programme will be incorporated into a refreshed schedule and budget which is expected to be completed in the second quarter of 2023,” she said.

Thomas asserted that the diamond market remained healthy and stable in 2022, though price softening was observed in the latter half of the year, which impacted revenues year over year, achieving the mid-range of guidance.

“Despite rising global economic uncertainties, our outlook for 2023 and beyond remains optimistic as global supply shortages continue to play out in the market,” she noted.