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Lucara Diamond Corp. (TSX:LUC) released its operating guidance for 2016 and said that it will be introducing a “progressive dividend policy” in the new year.
Lucara Diamond Corp. (TSX:LUC) released its operating guidance for 2016 and said that it will be introducing a “progressive dividend policy” in the new year.
Highlights include:
- Revenue of US $200 million to US $220 million is budgeted. This excludes the sale of exceptionally high value diamonds recovered during 2016 and the Company’s current high value diamond inventory, including the 1,111 and 813 carat diamonds recently recovered.
- Karowe operating cash costs (including waste mining) are expected to be between US $33.5-$36.5 per tonne treated.
- The Company is investing in organic growth through exploration and potential resource extension at Karowe while enhancing the recovery of exceptionally large, high value diamonds at the mine.
- A progressive dividend policy will be introduced in 2016 with the aim of maintaining or increasing the Canadian dollar dividend per share each year. The Company anticipates it will declare an annual dividend of Canadian $0.06 per share in 2016 to be paid in four equal payments at the end of each financial quarter.
William Lamb, president and CEO of Lucara, commented:
Lucara had a successful operating year in 2015 which culminated in the historic recovery of the world’s second and sixth largest gem quality diamonds. Our 2015 performance has positioned us well for 2016 as we focus on mining in the high value south lobe and advancing our organic growth projects at Karowe. We continue to deliver strong cash flows and returns for our shareholders and as a result we are introducing a progressive dividend policy.
Click here to read the full Lucara Diamond Corp. (TSX:LUC) press release.