Lucara Reports Robust Q1 Results

Finance and Trade
10/05/2024 08:14

Lucara Diamond in its Q1 2024 release reports total revenues of US$41.1m, slightly down y-o-y from US$42.8m. A total of 93,560ct were sold through its different sales channels, including through the renewed 10-year sales agreement with HB for specials (10.8ct+ rough diamonds) produced, with so-called "top-up payments" resulting in US$4.9m of the total revenues. In total 160 "specials" (5.1% of total cts) were recoverd in Q1, 3 of which larger than 100ct and one larger than 300ct.  William Lamb, President & CEO, commented Karowe's high value production forecast remains robust, with the expansion project progressing on time and budget. The company believes the long-term outlook for diamond prices remains positive with declining supply dynamics as well as an increased focus on diamond origin in the G7 context matching Lucara's production profile.

Photo credit: Lucara Diamond Corp.