Lucara Predicts 2025 Revenue Increase
December 05, 24
(IDEX Online) - Lucara is predicting an increase in revenue next year, after it lowered its 2024 guidance.
The Canadian miner is forecasting 2025 revenue of $195m to $225m, from the sale of 400,000 to 420,000 carats.
Last month it lowered its full-year revenue forecast for 2024 to $160m to $180m (compared to its initial guidance of $220m to $250m) reflecting the lower production of +10.8-cts stones and a softening of the global rough diamond market.
Lucara rough sales brought in $177.4m from the sale of 395,134 carats in 2023.
In its Operating Guidance for 2025, published on 3 December, CEO William Lamb said the company had met and exceeded all production targets at its Karowe mine, in Botswana this year.
"We have also demonstrated substantial progress in reducing operational costs and improving sustainable mining practices," he said.
Lucara expects to mine between 1.8m and 2.2m tonnes of combined ore and water at Karowe next year, which will be processed in combination with stockpiled materials.
The company said it had made significant progress in the underground development that should extend Karowe's life to beyond 2040.
Pic courtesy Lucara shows Karowe mine.