Lucara Diamond Corp has announced a unique partnership with the Antwerp-based company HB in which HB will buy all of the diamonds in excess of 10.8ct produced at the Karowe mine in Botswana, since March, and for the remainder of the year. About 70% of the rough mined by Lucara consists of larger, high value stones, and none of those have been up for sale since the pandemic broke out. In this unique supply agreement, HB will pay a price based on the estimated polished outcome, based on scanning and planning results.
Canadian mining company Lucara Diamonds reports a net loss of $3.2 million in Q1, a result of the continued strain on the diamond mining industry and decreased revenues from sales, despite the fact that operations at Karowé have continued throughout the crisis and production was in line with guidance. In the same period last year, the company achieved a net income of $7.4 million, while cash flow dropped to $2.4 million, compared to $10.6 million in Q1 2019.
The oubreak of the coronavirus has led to uncertainty concerning Lucara Diamond's next rough diamond tender, prompting the Government of Botswana to already give Lucara its permission to hold their next scheduled tender in Antwerp, if necessary. The next quarterly tender isscheduled to take place in mid May 2020, according to a statement from the Canadian miner.
Lucara Diamond Co. pulled off a strong performance in 2019 despite a tough market and achieving a lower average price per carat than in the previous five years, largely due to a solid performance in the final quarter and record production through the plant in 2019. The miner, which owns and operates the Karowe mine in Botswana, earned total revenues of $192.5 million (2018: $176.2 million) from the sale of 411,732 carats, or $468 per carat (2018: $502 per carat) during fiscal year 2019, beating their guidance of $170 million to $180 million.
Lucara Diamond Corp. has unearthed yet another exceptional diamond at its Karowe Diamond Mine in Botswana - the latest is an unbroken 549 carat white diamond "of exceptional purity". It is the fourth largest diamond ever recovered at the Karowe mine, the third largest gem-quality stone (the Sewelô is of 'near-gem quality) and already Lucara's sixth diamond larger than 100 carats recovered in 2020. According to independent analyst Paul Zimnisky's estimates, it is only the 4th gem-quality stone exceeding 500 carats recovered globally in the last 5 years.
Press release, Antwerp: The HB Company, the leading, cutting-edge diamond manufacturer from Antwerp, today announces its collaboration with Louis Vuitton and Lucara Diamond Corp.
Lucara, the Canadian mining company that owns the Karowé mine in Botswana announced they will be collaborating with luxury brand Louis Vuitton and an Antwerp-based high-end polishing company (HB) to polish the largest rough diamond ever found in Botswana, the 1758ct Sewelô diamond recovered in April last year. In the arrangement, the stone - qualified as near-gem, variable quality, will be polished into a collection of diamonds, and apart from an up front non-material payment, Lucara will retain a 50% interest in the polished results.
As we welcome a new year and extend our hopes that you, our readers, will enjoy good health and good fortune in 2020, we take a moment to look back at the issues and articles of the past year that most sparked your interest.
Lucara Diamond Corp. has reported that its final diamond tender of 2019, held on December 12, generated sales proceeds of US$52.9 million. Sales of goods from the Karowe Diamond Mine in Botswana were 16% higher than expected, and achieved an average price of US$548 per carat. They noted improvments to market pricing in all size classes. The December tender bring Lucara's 2019 revenue at $192.5 million, exceeding the 2019 revenue guidance of $170 - $180 million and outpacing their 2018 sales of $176.2 million.
Lucara Diamond had what could be considered a steady third quarter despite ending in a net loss due primarily to an increase in operating expenses as well as depletion of reserves and amortization, both non-cash expenses. The miner also completed a positive feasibility study for development of an underground mine at Lucara’s Karowe Diamond Mine in Botswana; the underground expansion at Karowe is expected to double the mine life and generate significant revenue and cashflow out to 2040.
Lucara Diamond Corp. has recovered an "exceptional" blue, 9.74-carat gem-quality diamond and a 4.13-carat pink gem-quality diamond from direct milling of South Lobe ore from its 100% owned Karowe Diamond Mine located in Botswana, the miner announced today. This follows the recent sale of a 2.24-carat blue which sold for US$347,222 per carat and other historic colored diamonds that have been recovered from Karowe in the past, including the 9.46ct "Aven Blue" which sold for US$477,000 per carat in 2012.
Lucara Diamond Corp. has recovered a 123-carat gem quality top white Type II diamond from its 100% owned Karowe Diamond Mine located in Botswana. The miner also recently recovered a 375-carat gem quality diamond at Karowe from the processing of historic DMS recovery tailings, generated prior to the incorporation of Lucara's XRT diamond recovery circuits.
Despite higher production and sales volumes, Lucara Diamond recorded a much lower profit in Q2 2019 than the same period a year earlier, as the extended slump in the diamond trade demonstrates it offers no immunity. L Lucara reported net earnings of $700,000 for the quarter on revenue of $42.5 million, figures which compare unfavorably with a profit of $19.7 million on revenue of $64.5 million in the same quarter in 2018.
Meaning “rare find” in Setswana, the name Sewelô was selected for the 1,758 carat diamond from over 22,000 submissions in a contest open to all citizens of Botswana. Gofaone Tlhabuswe of Gabane Village won the Lucara diamond naming competition, along with 30,000 Pula ($2,837).
President Mokgweetsi Masisi is said to have opened negotiations with Lucara Diamond Corp. for the government to buy and own shares in the company, reports The Botswana Gazette. Masisi reportedy met with Lucara CEO Eira Thomas at JCK Las Vegas, telling the newspaper, “I have proposed for Lucara to allow government to invest in the company,” adding that he will discuss with his cabinet and relevant authorities to agree on investing in Lucara.
Canadian miner Lucara Diamond has reported the best quarter in the history the Karowe mine in Botswana in terms of ore processing performance, lowering the cost of its operations and achieving the best results from its regular diamond sales in over a year. This was before the April recovery of the largest diamond to be mined at Karowe to date, an unbroken 1,758 carat near-gem-quality stone, which became the largest diamond recovered in Botswana and one of the largest diamonds in recorded history, superseding the spot held by the 1,109 carat Lesedi La Rona recovered from Karowe in 2015.
Lucara Diamond Corp. has recovered an astonishingly large diamond - 1,758 carats - from its Karowe Diamond Mine in Botswana. One of the largest diamonds in recorded history and the largest diamond ever recovered in Botswana, it may not be an immensely valuable clear white Type IIa beauty the miner is famous for - such as the 1,109-carat Lesedi La Rona or the 813-carat Constellation that fetched a record $63 million for a rough diamond - but it indicates the potential Lucara's state of the art XRT recovery circuit to detect and recover huge gems without breaking them.
Lucara Diamond Corp. continues to test and refine Clara Diamond Solutions (Clara), its digital sales platform for selling rough diamonds individually, launching its fourth test run this week. Lucara CEO Eira Thomas and Steve Lincoln, Sales and Marketing Operations Manager at Lucara and Director Sales and Marketing of Clara sat down with The Diamond Loupe to clarify a few aspects of the system and discuss their progress as they gradually expand their trial phase, which commenced in late November 2018.
Despite a record year for the recovery of 'specials' (diamonds larger than 10.8 carats), including 33 diamonds in excess of 100 carats, Lucara Diamond earned its lowest revenue in six years due to the lowest average price per carat achieved in five years. Judging by their share prices, however, investors hardly seemed too concerned, as Lucara's stock price took an 8% dip following the announcement, only to regain half its loss back the next day.
Exceptionally large diamond recoveries are, as a rule, an exception, but today we had two announcements of some very impressive stones: Lucara Diamond unveiled 223-carat stone from its Karowe mine in Botswana, while Lucapa Diamond Co. added a 128-carat find from its Lulo diamond field in Angola.
The state of the diamond mining industry as 2019 enters full swing is concerning to many throughout the trade. The fall in prices of small, lower-quality diamonds, a staple of many miners, had participants at the Africa Mining Indaba last week concerned about the sustainability of their operations if the market does not correct this year, with some even concerned about their survival.
Lucara Diamond Corp. has announced a 54% increase in the indicated resources of the South Lobe of its Karowe Mine in Botswana, as it undertakes its feasibility study for a potential underground operation. The significant increaase in the availability of diamonds, as well the increased contribution of the higher grade, higher value EM/PK(S) geological ore unit, where some of Karowe's most valuable diamonds, including the 1,109 carat Lesedi La Rona and the 813 carat Constellation were found, signfies a significant boost to the future of the mine.
Lucara Diamond Corp. has recovered a 127 carat, top white gem diamond from its 100% owned Karowe Diamond mine located in Botswana. Since mining began at Karowe in 2012, a total of 129 diamonds in excess of 100 carats have been recovered, including an astounding 33 in 2018 alone. By way of comparison, Gem Diamonds, famous for its large diamond recoveries from the Letšeng mine in Lesotho, recovered a record 15 stones larger than 100 carats this year. Lucara's haul since 2012 includes 12 diamonds larger than 300 carats in size, of which 5 were recovered in 2018.
Lucara Diamond Corp. has completed its highly anticipated inaugural diamond sale through Clara Diamond Solutions, its digital sales platform for selling rough diamonds individually, based on polished characteristics and demand.
Lucara Diamond Corp.'s third quarter carat production from its Karowe mine in Botswana "exceeded expectations" as a result of increased efficiency in diamond recovery in the smaller sizes during 2018.
Following more than a year of detailed analysis, cutting and polishing by an elite team of gemologists and master craftsmen, Graff Diamonds has started to unveil some of the more than 60 polished diamonds cleaved from the 1,109-carat Lesedi La Rona. The polished diamonds, Graff writes, range in size from under a carat to in excess of 100 carats, each diamond will have D color, the highest grade for a diamond, and exceptional clarity. They will be set mounted as solitaire rings, earrings and pendants.
Lucara Diamond Corp. will launch Clara Diamond Solutions, its 100% owned digital sales platform, in November 2018 with a select group of large vertically-integrated jewelry houses and global diamond manufacturers, the miner announced today. Rough diamonds offered in Clara's first sale will include a selection of diamonds from Lucara's Karowe mine and additional aggregated third-party rough diamonds consisting of stones between one and fifteen carats in size in the better colors and qualities.
Canada's Lucara Diamond, through its subsidiary Clara Diamond Solutions, has inked a cooperation agreement to include Sarine Technology's mapping and planning technologies into its sales platform, which applies algorithms to match rough diamond production with polished manufacturing demand on a stone by stone basis.
Lucara Diamond Corp.'s Q2 results are a mixed parcel of sorts, as production and the recovery of 'specials' (+10.8 carats) increased while the company achieved softer prices, sold fewer exceptional stones and consequently achieved lower revenues than during the same period a year earlier.
Lucara Diamond yesterday published the results of its Mineral Resource Update for its Karowe Mine in Botswana, which showed it would continue to yield a high grade of high quality diamonds for the remainder of its open pit life, and that underground mining was likely to continue until 2036. The remaining Indicated Mineral Resource for Karowe's AK06 kimberlite includes 7.9 million carats hosted in 57.85 million tons of ore at an average grade of 13.7 carats per hundred tons (cpht), with an average modelled diamond value of US$ 673 per carat.
Lucara Diamond Corp.,a leading producer of large exceptional quality Type IIa diamonds from its 100% owned Karowe Mine in Botswana, achieved $32.48 million at its 12th Exceptional Stone Tender which concluded yesterday. The tender consisted of 10 single stone lots, ranging from 472.37 to 40.4 carats in size, totaling 1,453.06 carats and included two diamonds greater than 300 carats.
Lucara Diamond Corp. has announced the appointment of Ayesha Hira as their new Vice President of Corporate Development and Strategy, and has already prompted speculation among analysts in stating her primary responsibilities will be, "investigating strategic growth opportunities including mergers and acquisitions." It is unclear whether the M&A in mind are looking upstream to mines and exploration projects, or downstream to something else entirely.
Lucara Diamond Corp. will be holding its first Exceptional Stone Tender of 2018, faciliated by tender house Bonas, on June 19. Viewings will take place starting June 10 in Gabarone, Botswana. The tender consists of 10 single stones ranging from 40.40 carats to 472.37 carats in size, including a 327 carat diamond, alongside other qualifying diamonds that have been recovered since the start of the year. Click through to view the catalogue of superior stones.
Lucara Diamond Corp recorded a loss of $7 million in the first quarter of 2018 amid a slight decline in revenues (-3%) and higher administrative costs. The Toronto-listed company operating in Botswana achieved revenues of $25.4 million compared to $26.1 million in the same period a year ago. They achieved $401 per carat, just under the $405 per carat from Q1 2017, at its first regular tender, yielding an operating margin1 of $170 per carat or 42% during the three months ended March 31, 2018.
London-based Gem Diamonds, a leading global producer of high value diamonds whose main resource is the Letšeng mine in the Maluti Mountains of Lesotho (70% ownership), and Canadian junior Lucara Diamonds, which sports a similar profile with its 100% owned high-value Karowe Mine in Botswana, have made new appointments in their senior management. Gem Diamonds announced that Johnny Velloza, currently Chief Operating Officer, has been appointed Deputy Chief Executive Officer of the Company, effective May 2 2018.
Lucara Diamond Corp. has recovered a 327 carat, top white gem diamond from its 100% owned Karowe Diamond Mine located in Botswana. Eight diamonds greater than 100 carats have now been recovered at Karowe since the beginning of the year, including the 472 carat diamond announced earlier this month.
Lucara Diamond Corp. today announced the recovery of a 472 carat, top light brown gem diamond, the third largest diamond ever recovered from its 100% owned Karowe Diamond Mine located in Botswana. CEO, Eira Thomas comments, “In 2018, mining at Karowe is focused in the high value south lobe, which consistently delivers large, high quality diamonds in excess of 10.8 carats in size.
Eira Thomas was recently appointed as the new CEO of Lucara Diamond Corp., replacing William Lamb, who oversaw the successful creation of the world-class Karowe mine in Botswana. Thomas brings more than 25 years’ experience in the mining industry to Lucara, including 16 years with Aber Diamond Corporation (now Dominion Diamond), where she played an integral role as a geologist at its initial discovery and ultimately became Director of the Board.
Canada’s Lucara Diamond announced that effective today, William Lamb will be retiring as Lucara's Chief Executive Officer and stepping down from the Board of Directors. Eira Thomas, a founder and director of the Company will be assuming the position of CEO.
Lucara Diamond achieved revenues of $220.8 million over the course of the full year 2017 (2016: $295.5 million) including the sale of the 1,109 carat Lesedi La Rona (LLR) for $53.0 million ($47,777 per carat). Including the sale of the LLR, the miner's 2017 average sales price was $847 per carat compared to 2016 average sales price of $824 per carat (including the sale of 813 carat Constellation diamond for $63.1 million).