Lucara H1 Revenue +6.9% Over 2014

(IDEX Online News) – Lucara Diamond Corp. reported revenues of $38.1 million for the second quarter of the year and $67.8 million of the first six months of 2015. Revenues totaled $138.1 million for the year-to-date following the exceptional stone tender in July.

The company earned revenues of $412 per carat in the second quarter of 2015, excluding $1.6 million of proceeds received after the quarter end. Revenues for the first six months totaled $67.8 million or $340 per carat, an increase of 6.9 percent over 2014, mainly due to the increase in the number of higher value single stones sold at the regular tender.

Lucara’s first exceptional stone tender of 2015, which was held after the end of the second quarter, achieved revenues of $68.7 million from the sale of 1,674 carats. The two largest diamonds, totaling 610 carats, sold for $37.1 million or $60,639 per carat.

Including the exceptional stone tender revenues, year-to-date diamond sales have achieved an average price of $662 per carat, which is 2.8-percent higher than the full year 2014.

"We are pleased to have achieved strong operational results and cash flows during the year, highlighted by our exceptional stone tender which the market continues to recognize as offering very high quality diamonds,” said president and CEO William Lamb. “The company is currently in a very strong financial position despite what has been a more difficult period for the diamond industry.”

Lamb said the Karowe mine plant optimization project was completed on schedule and within budget. “The large diamond recovery is performing extremely well as evidenced by the recovery of large stones that contributed to the last exceptional stone tender. We are now working on optimizing the recovery of our smaller, lower value diamonds," he added.