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Lucara Reports Strong Performance

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The Botswana Stock Exchange listed company, mining diamonds in Letlhakane has recorded exceptional results during the first half of 2015, according to the Company results released this week.

Due to increase in the number of higher value diamonds sold, the Company has generated around P1.3 billion in revenues during the diamond sales conducted between January and June this year.

The Company’s first exceptional stone tender of 2015, held last month generated around P680 million revenues.

“We are pleased to have achieved strong operational results and cash flows during the year, highlighted by our exceptional stone tender, which the market continues to recognize as offering very high quality diamonds. The Company is currently in a very strong financial position despite what has been a more difficult period for the diamond industry,” said Lucara Chief Executive Officer (CEO) William Lamb.

Lamb projected that Lucara will continue to record satisfactory results for the remaining part of 2015, following the completion of the installation of the diamond recovery technology which is expected to help the company to access large and high value diamonds.

“The technology will be used for the first time in Botswana. It has been completed on schedule and within budget and is performing extremely well as evidenced by the recovery of large stones that contributed to the last exceptional stone tender”, said the CEO.

Karowe mine was officially opened by President Ian Khama in May 2012.

The mine is among local mines which produces high value diamond exports contributing majorly to this country’s Gross Domestic Product (GDP).

Lucara has projected that Karowe diamond mine could this year sell 400,000 to 420,000 carats of diamonds generating around P2.3 billion.

In 2014 the Company sold diamonds worth around P2.6 billion.