Lucara Diamonds Corporation Generates $41.1 Million in Revenue in H1 2023, Expects Improvement in H2 2023

Published On: August 28, 2023Company: Lucara Diamonds Corporation (
What adjustments has the company made due to the re-base announced in July 2023?
Following the re-base in July 2023, the company commenced a review of the sustaining capital and project expenditures related to open pit mining operations. The review anticipates increased costs of up to $20 million in 2023 focusing on component replacements, dewatering activities, tailings storage facility expansion, and completion of a community sports facility.

Key Insights from Lucara Diamonds Corporation HY2023 Interim Report

  • Total revenue for H1 2023 was $41.1 million, with the expectation of improvement in H2 2023.
  • The operating cost per tonne processed was $27.97, down 3% from Q2 2022. This decrease was due to a strong US dollar offsetting increased inflationary pressures on labour costs.
  • The Karowe Mine output was 90,497 carats for Q2 2023, showing an increase from Q2 2022’s output of 86,317 carats.
  • The Q2 2023’s financial performance featured revenues of $41.1 million, an adjusted EBITDA of $15.7 million, and a net income of $5.0 million.
  • The Karowe Underground Project (UGP) has a revised estimated completion cost of $683 million, with the estimated start of production moved from H2 2026 to H1 2028.
  • $22.5 million was invested in the Karowe UGP during Q2 2023 for grouting programs and vertical advancement in the ventilation and production shafts.
  • As at June 30, 2023, the company had cash and cash equivalents of $26.7 million, and a drawn amount of $90.0 million on the $170.0 million Project Loan for the Karowe UGP.
  • The 2023 production and cost estimates anticipate a shift to a higher value material from the South Lobe of the mine. This production change and inflationary pressures are expected to lead to a higher processing cost per tonne.
  • 2023 capital costs for the underground expansion are projected to remain at $105 million, with grout programs expected to continue throughout the year.

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About Lucara Diamonds Corporation (

Lucara Diamonds Corporation is a diamond mining, exploration and development company listed on the Botswana Stock Exchange. The company owns and operates the Karowe diamond mine located in Botswana, which is renowned for its exceptional-size diamonds and high-quality liquor minerals. With production of more than 200,000 carats in 2020, Lucara is a major producer of gem-quality diamonds in the Kimberley Process. The company also has a portfolio of exploration projects in Botswana and Angola, as well as an interest in an exploration joint venture in Lesotho.

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