Lucara Diamond Corporation announces the termination of the Diamond Sales Agreement between Lucara, Lucara Botswana (Proprietary) Limited and HB Trading BV (HB). Lucara exercised its right to terminate the agreement following a material breach of financial commitments by HB.
In the past, Lucara had entered into the renewal & had extended diamond sales agreement in the November 2022 with HB for the purpose of selling +10.8 carat rough diamonds produced from Lucara’s Karowe mine until 31 December 2032.
Under the agreement, Lucara’s +10.8 carat production is sold at prices based on the estimated polished outcome of each diamond, determined through state-of-the-art scanning and planning technology, with a true up paid on actual achieved polished sales thereafter, less a fee and the cost of manufacturing.
The agreement is consistent with the terms of the previous arrangement with HB, with refinements to more accurately reflect how the parties have been working together.
Lucara will continue to use its established mechanisms to sell Karowe’s rough diamond production, namely through its Clara diamond sales platform, traditional tenders and other value-added mechanisms for stones.
William Lamb, CEO stated, “The Lucara production profile is unique in the diamond industry and the Company will continue to look at innovative sales mechanisms to maximize the value of our rough diamonds.”
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