Lucapa incurs H1 loss after tax of $15.9mln

Lucapa Diamond recorded a loss after tax of $15.9 million in the first half of 2022 compared to a profit of $5.7 million, a year earlier.
It said the loss was recorded despite a relatively stable demand environment for diamonds, particularly higher-value productions of Lulo in Angola and Mothae in Lesotho, as a result of the global inflationary environment and supply chain constraints adversely impacting mining costs and critical equipment availability.
Lucapa, however, registered a $700 000 earnings before interest, taxes, depreciation, and amortization (EBITDA) profit for the June half compared to a $1 million EBITDA profit, the previous year.
Lucapa said it received a $4 million dividend payment from Lulo following the strong operating and financial performance in 2021. 
The group also had a cash balance of $4.5 million on 30 June 2022.
Meanwhile, Lucapa produced 13,018 carats in the first half of the year at its 40%-owned Lulo alluvial mine, an increase of 16% compared to 11,206 carats, a year earlier.
It also produced 17,486 carats at its 70%-owned Mothae mine in the first six months of 2022, a growth of 18% against 14,868 carats in the comparative period last year.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished