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Lucara Diamond Widens 2Q Loss to $8M
Lowers 2012 Sales Outlook
Aug 12, 2012 5:38 AM
By Avi Krawitz
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RAPAPORT... Lucara Diamond Corporation widened its loss in the second quarter of 2012 and lowered its sales outlook for the rest of the year. The junior mining company reported a loss of $7.6 million for the period, compared with the loss of $5.9 million a year earlier.
Lucara generated revenue of $12.1 million from two sales of rough production from its Karowe mine in Botswana. Approximately 66,181 carats of diamonds were sold at the two auctions with an average price of $182 per carat. However, management explained that it did withhold goods from the auctions, mainly in the high-color, high-quality categories, due to the recent softening of the diamond market.
The company stated that it expects to sell 230,000 carats of diamonds in 2012, lowering its previous guidance of 300,000 carats, due to insufficient water supply to the plant at Karowe, which was commissioned in April. Lucara is planning four additional sales of Karowe production during 2012. The company has also scheduled a September sale of diamonds from its Mothae diamond project in Lesotho, where trial mining is underway.
For the first six months of 2012, Lucara posted a net loss of $11.8 million, compared with a net loss of $7.8 million in the same period a year earlier.
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Tags:
Avi Krawitz, diamonds, Karowe, Lucara Diamond, Mothae, Rapaport
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