ASX-listed Lucapa Diamond says it expects to achieve the upper-end of its revenue and cash operating margin guidance for 2021.
It projected revenue of between A$50 million and A$56 million as well as cash operating margin guidance of between A$17 million and A$21 million in 2021.
The company's projections are based on the solid performance and the strong rough diamond pricing environment in the first half of the year.
Company managing director Stephen Wetherall said the quickly returning retail demand and low rough diamond supplies have combined to fuel rising rough diamond prices, which are now back to levels last seen in 2014 – an increase of 23% on 2020 pre-pandemic prices or 76% from the pandemic low.
"This has seen Lucapa exceed its financial target for the first six months of 2021 and places the Company well on track to achieve the upper-end of our market guidance with respect to revenue and cash operating margin," he said.
Lucapa, which is currently producing diamonds in Angola and Lesotho said its first-half combined revenue was A$71.9 million.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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