Lucara Reports Strong Financial and Operational Q3 2021

Rough Market
05/11/2021 09:40

Lucara Diamond Corp. released its Q3 2021 figures, demonstrating a strong performance in the third quarter of 2021, with strong financial and operational performance. The total revenue of $72.7 million,  including diamonds sold through regular tenders, the Clara platform and the HB Antwerp agreement, marks a 57% increase over the previous quarter and results in an average price per carat sold of $619.2.

At the Karowe mine, 212 Specials (+10.8 carats) were recovered during the third quarter, representing a 7.9% weight percentage of the total recovered carats, which is a strong production quarter in terms of Specials recovered (Q3 2020: 6.5%). Lucara announced, amongst others, the recovery of a 62.7-carat fancy pink diamond and the recovery of a 393.5 carat top white Type IIa gem-quality diamond which was the third gem-quality +300 carat found in 2021.

Eira Thomas, President & CEO commented: “Strong production, including a high volume of Specials (diamonds >10.8 carats in size), combined with our innovative and optimized approach to sales of rough and polished diamonds into a strengthening market for diamond jewelry, has delivered a 57% increase in revenues quarter over quarter. The Company also formally sanctioned the underground expansion project, following the arrangement of full project financing, which will support operations at Karowe at current production rates until at least 2040. These developments have significantly de-risked Lucara’s outlook on growth and have positioned the Company to benefit from a stronger, more stabilized diamond price environment as global rough diamond supply remains constrained.”