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Lucara’s 1Q Sales Soar 71%
May 5, 2016 9:00 AM
By Rapaport News
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RAPAPORT... Lucara Diamond Corp., a producer of exceptional and large rough
gems, reported a 71 percent surge in quarterly revenue because of “strong”
demand and a switch to higher-quality output. 
Sales in the first three months of the year soared to $50.6
million and the average price per carat raced to $649 from $278 a year earlier.
Profit leaped to $17.1 million from $6 million a year ago.
“Lucara's high quality stones and production assortment has
resulted in strong customer demand for our product generating revenues of over
$100 million this year,” said William Lamb, the company’s president and chief
executive officer.
Lucara sold a larger volume of higher quality production
from the Karowe mine’s south lobe compared to the north and center lobe in the previous
year, the company explained.
Lucara’s most famous discovery to date, the 1,109-carat
Lesedi La Rona, is set to be auctioned by Sotheby’s in London on June 29. The
auctioneers expects it to fetch upwards of $70 million.
The miner also reported it had completed the transfer of
shares in Mothae Diamonds to the Government of Lesotho and was released from
rehabilitation liability of about $2 million for the mining project in Lesotho.
The company expects a revenue range of $200 million to $220
million in full-year 2016, excluding the anticipated sales of the Lesedi La
Rona and an 813-carat stone, both of which were mined at the Karowe project in
Botswana.
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Tags:
Karowe mine, lucara, Lucara Diamond Corp., Rapaport News, rough sales
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