Lucara Diamond Corp reports its results for the year and quarter ended December 31, 2023. Key takeaways of the FY 2023 are, the recovery of a 1,080 carat Type IIA white gem quality diamond in August 2023, followed by a recovery of a 692 carat Type IIA diamond later in the month. The fourth +1000 carat stone recovered from the Karowe Mine.
The Karowe Mine recorded record plant throughput of 2.8 million tonnes milled for the year.
In January 2024, the successful execution of an amended project financing debt package of $220 million to amend the repayment profile in line with the rebase schedule released in July 2023 for the Karowe Underground Project (UGP).
On February 18, 2024, the Company announced the signing of a new definitive sales agreement (NDSA) with HB Trading BV (HB) in respect of all qualifying diamonds produced in excess of 10.8 carats in size from the Karowe Mine.
Total revenue of $177.4 million for 2023, in line with revised guidance. Investment of $101.3 million in the Karowe UGP in 2023. Significant sinking progress was made in both the production and the ventilation shafts during the second half of 2023.
William Lamb, President & CEO commented: “2023 was a challenging year for Lucara. Although mining activities in the open pit continued to show ongoing sustainable improvements, including record production through the mill, the development on the UGP experienced delays in the early part of the year.
Positive progress was made in the sinking of both the production and the ventilation shafts resulting in both shafts starting lateral development at the 670 level at the end of the year. The Company has dedicated significant effort and resources to focus on the UGP as this project represents a very exciting and valuable future for Lucara.
The diamond market in general remains a volatile environment with market challenges coming from multiple areas. Lucara remains well positioned to meet these market challenges head on due to its unique high value production mix and its ability to provide provenance for its diamonds through its well-defined sales channels.
Our sales strategy which focuses on gaining access to the upstream value chain from polished diamonds is well aligned to the strategies of the Government of the Republic of Botswana. The Company aims to continue working toward long-term sustainable business practices to provide value for all our stakeholders.”
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