Lucapa Diamond Company secured $14.2 million (AUD $19 million) in funding for the acquisition and advancement of the high- value Mothae Kimberlite Diamond Project located in the southern African country Lesotho. The funding sets Lucapa on track to commence commissioning Mothae in the first quarter of 2018 under a staged, low-risk development plan.
Graff Diamonds announced they had added to their collection of exceptional stones by acquiring the 373.72-carat rough diamond sourced from the Karowe mine in Botswana. The stone was once a part of the Lesedi la Rona, the second largest gem quality diamond to ever be discovered and the largest to be unearthed in the last century. According to Graff the fragment was separated from its famous sibling during the recovery process.
"When you’re selling your offcuts for almost $20 million, you know something is going right," writes Thomas Biesheuvel for BloombergPursuits. "Lucara Diamond Corp. just sold a 373.7-carat diamond for US$17.5 million.
This article is reprinted from Paul Zimnisky Diamond Analytics, courtesy of Paul Zimnisky.
Lucara Diamond Corp. yesterday (May 2) today reported first quarter revenues of $26.1 million, or $405 per carat, which represents nearly a 50% drop from the $50.6 million earned at $649 per carat in Q1 2016. The company explains the results as follows: "The decrease in revenues in Q1 2017 compared to Q1 2016 was due to a lower volume of carats being sold and a decrease in the carat weight of specials sold. A larger volume of +10.8ct specials were sold in Q1 2016 (6,936 carats) compared to Q1 2017 (2,379 carats), which reflected the above average recoveries of specials during Q4 2015.
Lucara Diamond has announced the dates for its first Exceptional Stone Tender of 2017 from its 100% owned Karowe Mine in Botswana. Viewings for the tender will take place from May 3, 2017 through May 11, 2017 with the sale closing at 4:00pm CET on May 11, 2017, the company writes in a press release. "The sale will include no less than 13 exceptional diamonds, inclusive of the magnificent 374 carat Type IIa diamond and an additional three or four stones larger than 100 carats.
Diamond industry analyst Paul Zimnisky, author of the Zimnisky Global Rough Diamond Price Index, provides his thoughts on the recent struggles of diamond mining stocks. Given what is now being widely considered as a recovery and stabilization of the diamond industry last year, an optimistic post-election U.S.
Diamond industry analyst and author of the Zimnisky Global Rough Diamond Price Index, Paul Zimnisky, takes us on, "A Trip Through the Diamond Industry in March 2017." If there is one trip you make this weekend, we recommend this one.
Lucara Diamond has recovered a total of 22 stones greater than 1 carat in weight, including 5 diamonds in excess of 2 carats in weight - with the largest being a 4.56 white/grey octahedron - from their BK02 exploration project in Botswana. A total of 309.79 carats were recovered from the processing of 5,021 tons of BK02-2, for a sample grade of 6.2 cpht (carats per hundred ton).
When people talk badly about diamonds, they think of the stone they're going to buy, but they don't think of the lives that are going to be affected. In Botswana, for example, 45-50% of the total GDP comes from diamond mining. So when people say, "I'm not going to buy a diamond because it has a bad rep", think of the two-plus million people in Botswana that will be affected.
Hollywood's stars got their night to shine on the red carpet at the 89th annual Academy Awards, but their stunning diamond jewelry perhaps shone even brighter. The showstopper was the pair of statement earrings (photo) by Chopard featuring a 25-carat pear-shaped D-flawless diamond and 26-carat heart-shaped D-flawless diamond, 4.55-carats of pear-shaped diamonds and 4.35-carats of brilliant-cut diamonds set in 18k white ‘Fairmined’ gold from the “Garden of Kalahari Collection", worn by Charlize Theron.
Lucara Diamond Corp., which runs the Karowe Mine in Botswana and holds multiple exploration licences in the region, reports record earnings - and dividends - for the year 2016. Revenues increased 32% to $295.5 million from $223.8 million in 2015, with its EBITDA surging 38% to $184.4 million on the back of a 40% rise in price per carat achieved: $824 per carat compared to $593 per carat a year ago. However, net income declined 9% to $70.7 million in 2016, mainly due to a foreign-exchange loss of $11 million compared with a gain of $15 million a year earlier, the company.
Lucara Diamond Corp. has appointed Moolman Mining Botswana (Aveng Moolmans) as its new mining contractor at the Company's 100% owned Karowe diamond mine in Botswana. Aveng Moolmans, a company forming part of Aveng Mining, has been contracted for a 6 year period to provide the full suite of mining services at the Karowe mine, including all drill, blast, load and haul functions for both ore and waste. Aveng Moolmans will commence mobilization of equipment to site during January and February 2017 and expects to begin mining activities in early March 2017.
The Queen of Kalahari, a 342-carat rough diamond that Lucara Diamond mining company recovered in Botswana’s Karowe Mine two years ago, has been transformed into a six-piece jewelry set includeing 23 diamonds. Lucara took over the mine, previously owned by the De Beers Group, in 2010.
According to an unoffical email statement to Rapaport News, Lucara Diamond Co. expects that most of its employees at its Karowe Mine in Botswana should keep their jobs once a new contractor takes over operations.
Following the close of the fourth Regular Tender of 2016, Lucara Diamond Corp. has exceeded $1 billion in sales of rough diamonds since the start of production in June 2012, the company announced in a news release. Q4 2016 revenue, inclusive of the second Exceptional Stone Tender held in November, is $66.1 million at an average of $743 per carat.
Lucara Diamond has issued a press release announcing that it has indeed terminated its contract with Eqstra Botswana to provide mining related services at its Karowe Mine. However, "Contrary to recent media reports in Botswana, the Company is unaware of any fraud or illegal activities, of its current or former employees, in relation to the mining contract. While the performance of Eqstra under the contract remains a subject of discussion between the parties, an orderly transition to a new mining contractor is underway.
LUCARA Diamond Corporation, a Toronto-listed firm that mines from Botswana’s Kaorwe mine, has published its Operating Outlook for 2017, budgeting for revenue of $200 to $220 million excluding the sale of the Lesedi La Rona diamond - which could theoretically add another $70m(+) to company revenues in 2017. It has also not included other high value diamonds, as their recovery is unpredictable. As a result of its encouraging prospects, Lucara said it would increase its annual dividend to 10 Canadian cents per share for its 2017 financial year.
Lucara Diamond CEO William Lamb spoke with Rough-Polished (R-P) about their future plans for the 1,109-ct Lesedi La Rona, their exploration projects and expectations for the industry going forward. Lamb told R-P, "With the financial strength of the company, there is no rush to sell the [Lesedi La Rona]. At this time, we have sent the stone for advanced analysis to fully understand the potential yield for the stone.
Lucara Diamond Co. earned $38.7 million from the sale of 12 stones totalling 1,098 carats - or $35,230 per carat - at its second exceptional stone tender of 2016. The company identifies the following highlights of the tender: 5 diamonds sold for more than US $2.0 million each. Lot 1001 (pictured above), a 224.5-carat Type IIa diamond sold for US $11.11 million (US $49,497/ct), which was also the highest value per carat diamond.
Lucara Diamond Corp. reported a net loss of $3.8 million in Q3 compared to net income of $44.2 million in the prior year. The company explains that this is a result of, "having two sales in the prior year, including an exceptional stone tender, compared to a single sale in the current year. The Company also reported a foreign exchange loss in Q3 compared to a foreign exchange gain on translation of its US dollar cash in the prior year as the pula has appreciated in the current year," reads the press release.
On August 17 2015, Lucara Diamond announced the recovery of, "a spectacular Type IIa, 336 carat diamond" from the Karowe Mine in Botswana, one of a number of exceptional diamonds recovered in a short period of time. In addition to this recovery, a further three exceptional diamonds were recovered that very weekend: a 184 carat stone, a 94 carat and a 86 carat stone.
In a press release, Lucara Diamond has announced the dates for its second Exceptional Stone Tender of 2016. Viewings for the tender will take place from November 7 through November 16, 2016 with the sale closing at 4.00pm CET on November 16, 2016. The sale will include no less than 12 exceptional diamonds with a combined weight of approximately 1,100 carats.
To mark the opening of the 28th Biennale des Antiquaires, de GRISOGONO announced the acquisition of The Constellation, the world's most expensive rough diamond, at a press conference held in the Grand Palais today, writes PR Newswire.
In a lengthy article in Vanity Fair, writer Paul Hart gives what he claims to be the inside story regarding the offering for sale at Sotheby's in London in June of the 1,109-carat tennis ball-size Lesedi La Rona diamond and how the diamond fell far, far short of the owners' confident predictions. By selling straight to an end buyer, Lucara could have all the proceeds for itself. However, the big global players apparently did not want to "expose" themselves to the full glare of media publicity in bidding for the giant gem.
Lucara Diamond Corp. posted strong Q2 2016 revenues of $140.8 million, or $1,824 per carat. Revenues for the first half were $191.4 million, or $1,233 per carat. The board also declared a total dividend to be paid of CA$178 million at CA$46.5 cents per share. Diamond recovery remained strong, with a total of 340 special stones (+10.8 carats), recovered during H1 2016, including 12 stones over 100 carats at the Karowe mine in Botswana
Lucara Diamond's Board of Directors has approved the return of $132 million (C$172 million) to shareholders by way of a special dividend of $0.34 (C$0.45) per share to the holders of the Company's common shares. The special dividend will be paid in addition to the Company's existing progressive 2016 quarterly dividend of Canadian $0.01 (C$0.015) per share.
In a recent article entitled "In the rough: A diamond is for ever. But its allure comes and goes", The Economist seized the occasion of the non-sale of the "Lesedi La Rona" diamond to expound on the difficult times facing the diamond industry. "It was the latest disappointment to befall an industry that has had little to celebrate.
The highly anticipated auction of the largest gem-quality rough diamond in the world, the historic Type IIa 1,109-carat Lesedi La Rona unearthed by Canadian miner Lucara Diamond Corp. in Botswana last November, failed to make auction history as it fell short of its reserve price and did not sell at Sotheby’s June 29 auction in London. The bidding opened at $50 million and was widely anticipated to sell for upwards of $80 million, but the bidding stalled at $61 million, so the diamond went unsold.
On the eve of the highly anticipated auction at Sotheby’s London of the largest gem-quality rough diamond in the world – the 1,109-carat Lesedi La Rona – the Diamond Loupe brings you our in-depth discussion with Lucara Diamond CEO William Lamb. During the Antwerp leg of the Lesedi’s world tour, we sat down with William Lamb to discuss Lucara’s management strategy, decision-making process, use of innovative technology and, of course, the magnificent Lesedi La Rona. What lies in store for Lucara’s historic stone?
Lucara Diamond Corp, which operates the Karowe mine in Botswana and which is selling the 1,100-carat Lesedi La Rona diamond at Sotheby's in London next week, has a strong cash position and plans to invest the money in a merger or acquisition or to further develop a mine through exploration activities, Chief Operational Officer Paul Day said in an extensive interview with Rough & Polished. The miner, which had net cash of $144.3 million at the end of the first quarter of 2016, will also put $15 million to $18 million into project capital expenditure this year.
Lucara Diamond Corp. reports successful results from a mini bulk sample program on the BK02 kimberlite located 30 kilometers east of the Karowe mine as well as an update on additional exploration programs underway. The miner recovered 274.33 carats from the processing of 5,916 tonnes of BK02 for a sample grade of 4.6 cpht (carats per hundred tonne). The largest diamond recovered was a 5.48 carat brownish octahedron. In addition, a total of 24 stones were recovered greater than 1 carat in weight including three diamonds in excess of 2 carats.
The 'Lesedi La Rona', which at 1,109 carats is the largest gem-quality rough diamond in the world, visited Antwerp yesterday, where it was revealed at the MAS Museum to a select crowd of approximately 120 diamantaires, dignitaries and friends of the industry. Hot topics of the afternoon concerned what will happen to the stone next, whether that will happen in Antwerp and, of course, how much it is worth. Lucara Diamond CEO William Lamb considers Antwerp a very logical place for the stone to visit. "Antwerp is and will always be a major diamond center.
"The unsurprising news being shouted from the rooftops is that De Beers has signed a 10 year marketing agreement with the Government of Namibia," writes Charles Wyndham in his latest candid commentary on polishedprices. "Of much greater interest to me was the price that the 815 [813, ed.] carat stone from Lucara fetched, namely some $77,000 per carat or total price of $63 million. This I did find surprising, surprisingly good ...
At 1,109 carats, the Lesedi La Rona diamond that Canadian miner Lucara Diamond unearthed at its Karowe Mine in Botswana in November 2015 ranks second among the largest rough diamonds ever discovered, and as a Type IIa stone, it is also of the highest gem quality.
Earlier this week, Lucara Diamond Corporation unveiled the most expensive rough diamond ever sold, writes Avi Krawitz. "A short press statement - initially sent without pictures - reported the 812.77-carat stone named ‘The Constellation’ sold for $63.1 million breaking “all records” for a rough diamond. Ordinarily, Lucara would be making a bigger fuss about this eye-popping sale. But the company, along with the diamond and investment communities, knows this was a mere curtain raiser.
Lucara Diamond Corp. has sold its 813 carat diamond for $63 million, the highest price ever achieved for the sale of a rough diamond. The exceptional 812.77 carat, Type IIa diamond recovered from the Karowe mine in Botswana in November 2015 sold for $63,111,111, or $77,649 per carat. As part of the sale, Lucara has partnered with Nemesis International DMCC, and retains a 10% interest in the net profit received from the sale of the resultant polished diamonds. The 813 carat diamond has been named, "The Constellation".
The mining industry in Lesotho is still in its infancy, writes Mining Weekly, but is developing and has great potential, says Lesotho Mining Minister Lebohang Thotanyana.
Lucara Diamond Corp. has reported strong first quarter 2016 revenues of $50.6 million or $649 per carat and cash of $144.3 million. The company’s revenue for the period represents a 41% increase year-on-year compared to the $29.6 million in the first quarter of 2015, gained from an average of $278 per carat.