Lucara Diamond Corp reports its results for the quarter ended June 30, 2024. All amounts are in U.S. dollars unless otherwise noted. Karowe recovers of a 491-carat Type IIa diamond, a 225.6-carat Type IIa diamond, followed by the recovery of a 109-carat Type IIa diamond. A total of 76,387 carats of diamonds were sold, generating revenue of $41.3 million during the second quarter of 2024.
A total of 92,419 carats were recovered during the quarter at a recovered grade of 12.9 carats per hundred tonnes of direct milled ore. A further 8,349 carats were recovered from processing of historic recovery tailings. The recovery of 206 Specials (defined as rough diamonds larger than 10.8 carats) equated to 6.9% by weight of the total recovered carats from Q2’s ore processed which is in line with the Company’s expectation.
William Lamb, President & CEO commented: “Lucara’s performance this quarter reaffirms our position as a leader in the diamond industry. Our unwavering commitment to safety and operational excellence continues to drive our success, with both our open pit operations and underground construction progressing admirably. The Underground Expansion Project, in particular, is advancing well, with shaft sinking progress surpassing our expectations.
In the face of a challenging diamond market, Lucara’s unique production profile sets us apart. Our Karowe mine’s consistent delivery of large, high-quality diamonds provides a natural hedge against market volatility. These exceptional stones, coupled with our innovative sales strategies, allow us to navigate current market conditions effectively.
Looking ahead, I’m confident that Lucara is well-positioned for sustainable growth. Our expansion strategy and focus on operational efficiency provide us with the flexibility to adapt to market dynamics while continuing to deliver value. As we move forward, Lucara remains committed to setting new industry standards and capitalizing on the opportunities that lie ahead in the evolving diamond market.”
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