Lucara Revenue Rises on sale of $12m Stone
August 13, 25
(IDEX Online) - Lucara announced an increase of almost 6 per cent in its Q2 revenue, to $43.7m, buoyed by the sale of the 1,094-carat Seriti diamond for $12m.
The Vancouver-based miner also said it had recovered a "2,036 carat near-gem diamond" last month at its Karowe mine, in Botswana.
Revenue for Q1 slipped to $30.3m, partly because of bad weather, and Lucara said it was drawing down up to $28m in emergency funding for its underground expansion of the mine.
But its Q2 2025 results for the three months to 30 June, published on 8 August, paint a more positive picture. Profit increased by 5 per cent to $12.5m.
And the company said it recovered 242 specials (+10.8-cts) during the quarter, a year-on-year increase of over 9 per cent. Among them were 15 stones over 100 carats, including two stones that were over 200 carats.
William Lamb, president and CEO of Lucara, said: "The continued and consistent recovery of specials reflects not only the quality of the Karowe asset but also reflects the strength of our operational team, amid a complex and ever-changing global environment."
Almost 78 per cent of revenue ($34m) came from the specials that were cut and polished by HB Antwerp as part of an ongoing deal. Its Clara online sales generated $7.8m and tenders $1.9m.
The Seriti diamond (pictured), the world's sixth largest rough diamond, was recovered last September. It was sold to HB for an initial polished value of $12.0m. The final sale value will be determined once the polished outcomes are sold to end buyers.