News

Advanced Search

Lucara Sets Top Revenue Target at $240M for 2015

Dec 9, 2014 2:17 PM   By Jeff Miller
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Lucara Diamond Corp. anticipates revenue of between $230 million and $240 million from the sale of 400,000 to 420,000 carats of rough diamonds in  2015, according to the company's outlook. Lucara recorded revenue of $180.5 million in 2013, and for the first nine months of 2014,  sales have risen 60 percent year on year to $195 million.

The junior miner expects that building and commissioning  Karowe's plant optimization project will be completed in the second quarter of 2015 at a total cost of $55 million; however, with most of the work already completed, Lucara  has  spent $40 million of that amount this year. Lucara stated that exploration costs in 2015 for two prospecting licenses will be between $7 million and $8 million.

William Lamb, Lucara's CEO, said, "Lucara had a successful year in 2014, generating strong cash flow through the achievement of its production targets at lower than forecast operating costs and from significant revenue generated from the sale of its large and exceptional diamonds during the year.

"Following the completion of the plant optimization project, Karowe will focus extensively on processing material from the south lobe. It will be an exciting second half of 2015 based on the south lobe diamonds, which have historically achieved stronger diamond valuations at our tenders and have contained a high population of specials (10.80-carat-plus sizes).

Tags: diamonds, Jeff Miller, Lucara Diamond, mining, outlook
Similar Articles
Lucapa Finds Large Yellow Diamond 150Yellow Diamond Weighs In as Lulo’s Largest
Jan 18, 2018
Lucapa Diamond Company recovered a 43-carat yellow diamond, the largest colored gem-quality stone it has unearthed
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.