Lucara Diamond recorded adjusted EBITDA (earnings before interest taxes, depreciation, and amortisation) of $86.7 million for the year ended December 31, 2022, from its wholly-owned Karowe mine in Botswana compared to $102.5 million, a year earlier.
It attributed the decrease to lower revenues.
The company posted revenues of $212.9 million during the period under consideration from the previous year’s $230.1 million.
However, Lucara’s net income increased to $40.4 million from $23.8 million realised in the same period in 2021.
It produced 335,769 carats in 2022 from the previous year’s 369,390 carats.
Of these 795 specials (diamonds greater than 10.8 carats) were unearthed, representing 7.2% weight percentage of total carats recovered.
A total of 34 diamonds greater than 100 carats were also recovered, including nine diamonds greater than 200 carats.
Meanwhile, Lucara invested $106 million in the Karowe underground project (UGP) in 2022, with a total investment to date of $226.1 million.
The Karowe UGP is expected to extend the mine life to at least 2040, with initial underground carat production predominantly from the highest value EM/PK(S) unit and is forecast to contribute approximately $4 billion in additional revenues.
Mine ramp-up is expected in 2026 with full production from the Karowe UGP expected in the second half of the same year.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
It attributed the decrease to lower revenues.
The company posted revenues of $212.9 million during the period under consideration from the previous year’s $230.1 million.
However, Lucara’s net income increased to $40.4 million from $23.8 million realised in the same period in 2021.
It produced 335,769 carats in 2022 from the previous year’s 369,390 carats.
Of these 795 specials (diamonds greater than 10.8 carats) were unearthed, representing 7.2% weight percentage of total carats recovered.
A total of 34 diamonds greater than 100 carats were also recovered, including nine diamonds greater than 200 carats.
Meanwhile, Lucara invested $106 million in the Karowe underground project (UGP) in 2022, with a total investment to date of $226.1 million.
The Karowe UGP is expected to extend the mine life to at least 2040, with initial underground carat production predominantly from the highest value EM/PK(S) unit and is forecast to contribute approximately $4 billion in additional revenues.
Mine ramp-up is expected in 2026 with full production from the Karowe UGP expected in the second half of the same year.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
