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Yesterday, Lucara Diamond Corp. (TSX:LUC) announced its results for the first quarter of 2014, commenting that its two diamond sales yielded $33.5 million.
Yesterday, Lucara Diamond Corp. (TSX:LUC) announced its results for the first quarter of 2014, commenting that its two diamond sales yielded $33.5 million.
Meanwhile, its net earnings came to $5.1 million, while cash flow from operations before working capital adjustments hit $13.1 million.
As quoted in the press release:
Cash flows and cash operating margins: The Company achieved proceeds of $33.5 million ($312 per carat) from sales of 107,470 carats of diamond during the first quarter of 2014. Proceeds of $750,000 were received after the quarter and will be accounted for in Q2 revenues. The average price of $312 per carat compares to $225 per carat for the first quarter in the prior year. Revenues during the period, which exclude the proceeds received after period end, were $32.8 million for the period.
At an average operating expense of $118 per carat, the cash operating margin during the quarter was $187 per carat.
Net cash position: The Company’s quarter-end cash balance was $56.8 million compared to a net debt position of $26.2 million in the previous year and $49.4 million at the end of 2013. In addition to production costs of $118 per carat the Company spent $1.9 million on Karowe’s plant optimization project and paid the December 2013 tender royalty and 2013 employee bonus payments during the quarter.
Click here to read the full Lucara Diamond Corp. (TSX:LUC) press release.