Lucara Q1 2016 Revenue Reaches $50.6 Million

(IDEX Online News) – Lucara Diamond Corp. has reported its first quarter 2016 results, which showed that revenue reached $50.6 million or $649 per carat as strong customer demand pushed its performance.

The company’s revenue showed a 41-percent increase year-on-year compared to the $29.6 million in the first quarter of 2015. Lucara’s per carat revenue in the first quarter of 2016 was more than double the value over the same period in the prior year. Following the company’s first quarter exceptional stone tender – which achieved $51.3 million – year-to-date revenue has exceeded $100 million.

The company announced that its ore mining and waste stripping at its Karowe Mine in Botswana was in line with its forecast. It added that its diamond recovery had shown strong results, recovering more than 165 special stones (>10.8 carats), including 8 stones that exceeded 100 carats – 2 more than were recovered in 2015.

“Lucara's exploration program continues to advance and with the deep drilling of the Karowe resource due to commence in the second quarter we are excited by the prospects for the remainder of 2016 and the potential organic growth opportunities,” said Lucara president and CEO William Lamb.

“The sale of the Lesedi La Rona diamond, the 1,109-carat stone discovered in November has commenced and is resulting in a great deal of interest and excitement for this magnificent, historic stone, culminating in an auction during the month of June,” he added.