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Lucara Raises Sales Guidance 5%
May 28, 2013 4:54 PM
By Deena Taylor
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RAPAPORT... Lucara Diamond Corporation raised its guidance for the sale of diamonds from the Karowe mine in Botswana by 5 percent and said that it expects to sell 420,000 carats from the mine in 2013.
The company anticipates revenue of $118 million for the year, with five sales still scheduled to take place, excluding the potential for a second large-stone tender. Viewings are being conducted in both Gaborone and Antwerp.
"Lucara has had an exceptional start to 2013, with the recovery of large and exceptional diamonds resulting in the company's first large-stone tender achieving gross revenue of $24.8 million and the sale of its second blue stone for $1.6 million," said Lucara's president and CEO, William Lamb.
Lamb noted that the additional cash flow from the large-stone tender will strengthen the company's balance sheet as it expects to reduce its debt by meeting all of its debenture repayment obligations of $33.3 million by the end of 2013.
Lucara added that capital expenditures for 2013 are expected to reach approximately $5 million, an increase from its previous guidance of $3 million.
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Tags:
Deena Taylor, Lucara Diamond Corp., William Lamb
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