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Lucara's Rough Tender Nets Almost $2M

Sep 19, 2012 4:09 PM   By Jeff Miller
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RAPAPORT... Lucara Diamond Corporation sold 4,657 carats of rough diamonds from its Mothae diamond mine for  $1.51 million, yielding an average price of $324 per carat. The diamond sale consisted of 32 parcels of which 26 were sold at Bonas-Couzyn in Antwerp. The highest value stone sold was a 9.74-carat, type IIA diamond, which achieved a price of $272,720 or $28,000 per carat.

This sale also marked the end of Lucara's  trial mining program at Mothae, which  will now be placed on care and maintenance as the company works to complete a preliminary economic assessment.

William Lamb, Lucara's president, said, ''The completion of the trial mining program at Mothae marks a significant milestone in the project's development. We have now sold in excess of 20,000 carats of Mothae diamonds, the results of which will form a solid foundation for revenue modeling in our economic evaluation of the project.

''This information, together with a better constrained geologic and grade model and the processing of unweathered kimberlite, which makes up the bulk of the Mothae deposit, provide all of the necessary inputs for a thorough economic assessment,'' he concluded.

Tags: Jeff Miller, lucara
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