"Another Great Year" for Lucara
February 26, 25
(IDEX Online) - Lucara saw revenue rebound and set an annual production record in 2024 and predicted a gradual recovery for 2025 in its latest update.
William Lamb, president and CEO of the Canadian miner, said the company had enjoyed "another great year".
It recovered two +1,000-cts gem quality diamonds from the Karowe mine, in Botswana, last year - weighing 2,488 carats and 1,094 carat diamonds - as well as a 1,476 carat non-gem diamond that was recovered last month.
Revenue for FY 2024 was up just over 18 per cent to $203.9m (all figures in USD), from $172.4m in 2023. Earnings for the three months to 31 December 2024 more than doubled, up from $36.3m to $78.8m.
Antwerp-based HB, which sells most of Lucara's specials, accounted for 70 per cent of revenue during the year, up from 62 per cent in 2023.
The remainder were mostly sold by tender, with a small percentage being sold via Clara, the digital sales platform that is now owned by a group including former Lucara CEO Eira Thomas.
The company said it also set a production record inn 2024, processing 2.9 Mt of ore (up from 2.8Mt the previous year).
As for the future of the diamond market, Lucara said the long-term outlook was "cautiously optimistic".
It said: "The industry sentiment suggests that the market may have reached its bottom during Q4 2024.
"A gradual recovery is expected to be driven by increasing demand for larger diamonds due to reduced production, and the overall long-term demand for natural diamonds."
Pic of Karowe mine, courtesy Lucara..