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Lucara Diamond Corp. (TSX:LUC) announced its results for the third quarter of 2013, commenting that it recorded proceeds of $50.9 million at an average sales prices of $625 per carat; operating expenses came in at $110 per carat. Since the end of Q3, the company has been able to repay its $50-million debenture.
Lucara Diamond Corp. (TSX:LUC) announced its results for the third quarter of 2013, commenting that it recorded proceeds of $50.9 million at an average sales prices of $625 per carat; operating expenses came in at $110 per carat. Since the end of Q3, the company has been able to repay its $50-million debenture.
As quoted in the press release:
Cash flows and cash operating margins: The Company achieved proceeds of $50.9 million ($625 per carat) during the quarter, of which $10.9 million was received in October for its late September tender. At average operating expenses of $110 per carat, the cash operating margin achieved for the quarter was $515 per carat. Sales during the quarter included one tender of over 80,000 carats and the Company’s second exceptional stone tender during the quarter.
Full year to date sales of 328,000 carats have achieved proceeds of $132.7 million, or $404 per carat, which exceeds previous full year 2013 revenue guidance. The Company has achieved a year to date cash operating margin of $308 per carat based on operating expenses of $96 per carat.
Exceptional stone tenders: The Company continued to recover exceptional diamonds, resulting in a second large stone tender during the quarter achieving revenues of $24.7 million ($24,025 per carat). The Company’s two exceptional tenders have contributed $49.3 million ($26,745 per carat) of revenue. Based on the continued recovery of exceptional stones the Company is planning a third exceptional stone sale in late November. The sale is planned to include 14 stones with 4 stones in excess of 100 carats.
Click here to read the full Lucara Diamond Corp. (TSX:LUC) press release.Â
