Lucara Diamond’s third-quarter revenue for the year 2021 rose 57% to $72.7 million compared to $41.3 million, a year earlier, resulting in an average price per carat sold of $619.
It sold 117,459 carats during the period from the previous year’s 112,943 carats.
Lucara said the stronger performance was driven by a high proportion of specials (+10.8 carats) recovered and sold over the quarter, higher diamond prices and a contribution from top-up payments for polished diamonds sold under the HB supply agreement.
The company’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the quarter reached $36.8 million compared to $9.9 million for the same period in 2020.
The growth in adjusted EBITDA was also driven by a high proportion of specials recovered and sold, as well as overall higher market prices for diamonds, supported by incremental top-up payments received under the HB supply agreement for polished diamond sales.
Meanwhile, Lucara said the lower end of diamond revenue guidance has been increased to $195.0 million from $180.0 million based on expectations for revenue in the fourth quarter.
The company made a change in the second quarter to the allocation between ore and waste mining in the 2021 guidance to reflect ore gains realised in the first half of the year and adjustments in the mine plan to support dewatering activities.
Ore gains realised are of lower quality material and will be stockpiled, it said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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