Lucara revenue tumbles in 1Q
Lucara Diamond announces results for the three months ended as on March 31, 2018. According to the highlighted in the report, Lucara achieved revenues of $25.4 million over the Q1 2017 had been stood at $26.1 million or $401 per carat (Q1 2017: $405 per carat) for its first regular tender, yielding an operating margin of $170 per carat or 42% during the three months ended March 31, 2018.
Recovered 218 specials, single diamonds >10.8 carats in size-during the quarter; the third best tally since mining began in 2012. Q1 2018 EBITDA of $1.4 million tumbled as compared to $4.9 million in Q1 2017. Net loss for the three months ended March 31, 2018 was $7.0 million as compared to a loss of $1.5 million in the comparative quarter and is attributable to lower revenues, higher depletion and amortization costs, higher administrative and other expenses as compared to the same period in 2017.
Karowe's overall performance with respect to ore mined, processed and carats recovered was within forecast for the three months ending March 31, 2018 recovered 218 specials diamonds were recovered, representing 6.8% of the total recovered carats by weight. In April 2018, a 327 carat top white gem and a 472 carat top light brown. were recovered
Eira Thomas, CEO, commented: "Karowe delivered solid performance in the first quarter, underpinned by production from the South Lobe which yielded 218 specials (diamonds >10.8 carats in size), the third best quarterly tally ever, and included eight diamonds greater than 100 carats in size.
Large stone recoveries continued into April and included a 472 carat top light brown and a 327 carat white gem. The strong sales result achieved from our first Regular Stone Tender of the year is consistent with the improving sentiment of the broader diamond market, and positions Lucara well for its June sale, which will include both a Regular Stone Tender and an Exceptional Stone Tender."
