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Lucara’s Q2 revenues stand at US$ 38.1 million
The July tender generated revenues worth of $68.7 million
By: Diamond World News Service
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Aug 14 2015 3:56PM
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Reference: 11808  

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Mining company Lucara Diamond Corp announced its financial results for the second quarter in 2015. It earned revenues worth US$ 38.1 million. Also, it noted that year-to-date revenues valued US$ 138.1 million, which includes the exceptional stone tender in July.

The July tender resulted in 1,674 carats of diamond being sold including two diamonds – the largest – of 610 carats. The tender generated revenues worth of $68.7 million. The two large diamonds sold for a total of $37.1 million or $60,639 per carat, reports add.

Revenues in the first six months of the year valued US$ 67.8 million. The company was pleased to clock in strong operational results and an average price of US$ 340 per carat in the six months was 6.9 percent higher than the comparable period in 2014. The year to date diamond sales including the tender, achieved an average price of $662 per carat, or 2.8 percent higher than the full year 2014.

The company noted its strong operational results and cash flows during the year was ‘highlighted by our exceptional stone tender which the market continues to recognize as offering very high quality diamonds’ Also, while the overall period has been a strain on the diamond industry, the company has a ‘very strong financial position’, as per the company reports say. Also, Lucara has completed the plant optimization project at Karowe on schedule and within budget and the recovery of large stone which added to the tender value are evidence of the large diamond recovery doing well. The company is looking forward to ‘working on optimizing the recovery of our smaller, lower value diamonds,” reports say. Following its July exceptional stone tender, the company’s current cash and receivable position is at $130.2 million reports add.

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