Lucara Diamond accrued revenues of $192.5 million from diamonds sold at its Karowe mine, in Botswana during fiscal year 2019 compared with $176.2 million, a year earlier.
This was above the company’s revenue target of between $170 million and $180 million for the fiscal year.
Image credit: Lucara Diamond
However, it realised $468 per carat from the diamonds sold during fiscal year 2019 compared with $502 per carat recorded in 2018.
“The general improvement in pricing as compared to earlier in the year, combined with a higher value blend of ore to the process plant resulted in revenue for the quarter and for the year ending December 31, 2019 being achieved above expectations,” said Lucara.
The company produced 433,060 carats in 2019, including 29,990 carats recovered from previously milled material.
Lucara chief executive Eira Thomas said the company’s “strong” operating results for 2019 reflect its continued focus on safe, reliable operations which has delivered increased productivity at lower costs.
She said this had also provided a solid foundation to support Lucara’s next stage of growth – an underground expansion at Karowe which has the potential extend the mine life to 2040, add net cash flow of $1.22 billion and gross revenues of $5.25 billion.
“Our second business, Clara, continues to deliver solid results and is on track to steadily grow third party supply to the platform over the course of the coming year,” said Eira.
Clara completed its first year of operations with a total of 15 sales, 27 customers and volume transacted of $8.4 million.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
