|
|
Lucara Lifts Production Outlook
Nov 11, 2018 10:48 AM
By Rapaport News
|
|
|
RAPAPORT... Lucara Diamond Corp. raised its production forecast for the full
year after recovering more carats in the third quarter than it had anticipated.
A strong operational performance at the Karowe mine’s
processing plant resulted in improved recovery of smaller diamonds, Lucara said
Thursday. The miner now expects to recover 325,000 to 350,000 carats in 2018, versus
a previous estimate of 270,000 to 290,000 carats.
“Third-quarter operational performance at Karowe exceeded
expectations with respect to ore mined and carats produced, and reflects a
seamless transition, three months ahead of schedule, to our new mining
contractor,” said Lucara CEO Eira Thomas. “In parallel, we saw higher asset
availability and record utilization rates for the process plant, positively
impacting carat recoveries.”
The higher production will have a minor impact on sales, as most
of Lucara’s revenue is from large stones. The company therefore didn’t raise
its sales forecast. It did, however, revise it slightly to between $180 million
and $190 million, compared with its earlier range of $170 million to $200
million.
Total production more than doubled to 127,031 carats in the
third quarter from 62,425 carats a year ago. Revenue declined 41% to $45.7
million, as the same period last year
included the $53 million sale of the 1,109-carat Lesedi La Rona. The average
selling price plunged 61% to $450 per carat due to the absence of that
exceptional stone, though sales volume jumped 51% to 101,600 carats. Net profit
slumped 84% to $5.1 million.
Lucara recovered 197 diamonds over 10.8 carats from its
Karowe mine in Botswana during the period, including 10 that weighed more than 100
carats, the company noted.
Image: Karowe mine. (Lucara Diamond Corp.)
|
|
|
|
|
|
|
|
|
|
Tags:
Eira Thomas, Karowe, Karowe mine, Lesedi La Rona, lucara, Lucara Diamond Corp., Rapaport News
|
|
|
|
|
|
|
|
|
|
|
|
|