Lucara Diamonds Corporation Reports Record Plant Throughput of 2.8 Million Tonnes Milled in One Year
- What were some major highlights from LUC's 2023 fiscal year?
- Major highlights included recovery of a 1,080 and 692 carat Type IIA diamonds, record plant throughput of 2.8 million tonnes, securing of a debt financing package of US$220 million and sales agreement with HB Trading BV. It achieved a total revenue of $177.4 million selling 379,287 carats of rough diamonds. However, it reported a net loss of $20.2 million for the year.
Summary
- The Karowe Mine recovered a 1,080 carat Type IIA white gem quality diamond and another 692 carat of the same type later in August. This is its fourth +1000 carat stone.
- It achieved a record plant throughput of 2.8 million tonnes milled in one year.
- LUC secured an amended project financing debt package of US$220 million and signed a new definitive sales agreement with HB Trading BV.
- Total revenue in 2023 was $177.4 million in line with the revised guidance, reflecting a combination of natural variability in recovered goods quality and a delay in sales of large goods.
- A total of 379,287 carats of rough diamonds were sold through their channels, generating revenue of $153.0 million.
- Operating costs per tonne processed was $28.75, a 3% increase from 2022 due to increased mining and inflationary pressures.
- The Karowe Mine has operated continuously for over three years without a lost time injury and ended 2023 with a Total Recordable Injury Frequency Rate of 0.19.
- Company’s revenues were $177.4 million and the operating margins were 56%. However, the net loss was $20.2 million due to decrease in revenue, an impairment of intangible assets and significant non-cash deferred tax expense.
- A total investment of $101.3 million was made into the Karowe Underground Project (UGP) in 2023.
- The company ended the year with cash and cash equivalents of $13.3 million.
- Company announced the appointment of William Lamb as CEO and Glenn Kondo as CFO.
Useful links
- Lucara Diamonds Corporation (LUC.bw) 2023 Abridged Report
- Lucara Diamonds Corporation on AfricanFinancials
- Corporate Website
About Lucara Diamonds Corporation (LUC.bw)
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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