Lucara Diamond, which wholly owns Karowe mine, in Botswana has recorded adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $22.2 million in the first quarter of 2021, which marked a return to higher levels of operating margin.
The dual-listed diamond miner recorded an adjusted EBITDA of $8.1 million in the first quarter of 2020.
It reported a net income of $3.4 million during the first quarter and earnings per share of $0.01 compared to a net loss of $3.2 million and loss per share of $0.01, a year earlier.
It said the value of the rough diamonds transacted through the Clara platform in the first quarter was $6 million over six sales, double the $3 million transacted on the platform, the same period in 2020.
Strong price increases have been observed in each of the sales conducted since the beginning of the year.
Meanwhile, Lucara said it produced 80,014 carats in the first quarter, achieving a recovered grade of 11.9 carats per hundred tonnes.
It said two diamonds were recovered greater than 300 carats in weight, while two were greater than 200 carats.
At least 188 Specials (+10.8 carats) were recovered from direct milling during the first quarter, representing a 6.8% weight percentage of total direct milling recovered carats, in line with resource expectations.
Lucara's production guidance for 2021 remained unchanged at between 340,000 carats and 370,000 carats, while revenue was projected at $180 million to $210 million.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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