Lucara Diamond Posts 2018 Results

Canadian precious gem miner Lucara Diamond (TSX:LUC) has released its operational results for the full 2018 calendar year.

As quoted from the press release:

HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2018

• The Karowe diamond mine achieved a strong operational performance in 2018, meeting or exceeding guidance in all areas:
• Total tonnes mined of 18.1 million (guidance: 15.5 million to 18.7 million)
• Ore and waste mined was 3.1 million tonnes and 15.0 million tonnes respectively
• Ore processed totaled 2.6 million tonnes (guidance: 2.4 million to 2.7 million tonnes)
• 366,086 total carats recovered (revised guidance: 325,000 to 350,000 carats)
• No lost-time injuries
• 2018 was a record year for the recovery of Specials (single diamonds in excess of 10.8 carats) with 829 stones totaling 24,793 carats recovered, including 33 diamonds in excess of 100 carats, of which 5 stones were in excess of 300 carats.

Total revenue of US$176.2 million (2017: US$220.8 million) or US$502 per carat (2017: US$847 per carat) was recognized during fiscal year 2018 (revised guidance: US$180 million to US$190 million). 2017 revenues included the sale of the historic 1,109 carat Lesedi La Rona (“LLR”) which sold for US$53.0 million (US$47,777 per carat). Excluding the LLR, revenue in 2017 was US$167.8 million with an average sales price of US$647 per carat. The average sales price per carat in 2018 was impacted by a higher recovery of finer diamonds, although recovery of Specials was at a record level. The company has also been building inventory for Clara that will be made available for sale through the ramp up period, based on demand, estimated to have a realized value of approximately US$2.3 million.

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