Lucapa Diamond Company present its quarterly activities report for the period ended 31 December 2023-the Q4 Quarter. Key takeaway of the Diamond Production and Sales listed,
1: Full Year Group guidance achieved,
2: Full year rough revenue (100% project) US$102.2 million (A$154.3 million),
3: Q4 rough diamond revenue (100% project) US$40.8 million (A$63.1 million).
4: FY Mothae records in tonnes processed and mined, carats recovered and price per carat,
5: Mothae recovered 8,314 carats and sold 10,947 carats for US$541/carat in Q4,
6: Lulo recovered 7,640 carats and sold 5,653 carats for US$6,170/carat in Q4,
7: 11 Lulo diamonds fetched US$32.7 million at two tenders in Q4,
8: Two Type IIa diamonds weighing 208 and 235 carats recovered from Lulo in Q4 &
9: Q4 average price for both operations – US$2,458 per carat.
Managing Director, Nick Selby, commented: “Both mines delivered a solid performance against processing and production targets in Q4 and we are pleased with the full year results which saw group guidance achieved.
Mothae performed well despite experiencing a lower dollar per carat average in Q4, which impacted its overall diamond price for the year. Lulo had a good run which saw its high-value recoveries attract firm prices at tender.”
At the beginning of the Quarter, mining continued in the high-grade lizeria (floodplain) areas. In October, two large Type IIa diamonds were recovered from the lizerias, weighing 123 carats and 208 carats respectively.
Towards the end of the Quarter, as the wet season intensified, mining shifted to the terraces where access was easier.
In November, a 235 carat Type IIa diamond was recovered from the terrace areas at MB550. This diamond is Lulo’s second largest recovery since commercial operations commenced in 2015. Toward the end of the Quarter, heavy rain affected mining and treatment but had little impact on overall production. Lulo finished the final quarter of the year strongly with the recovery of 7,640 carats of diamonds including the two +200 carat diamonds.
Two exceptional stone tenders were conducted during the Quarter in Luanda by Sodiam E.P. The first, in October, featured seven high value diamonds ranging from a ten-carat pink to a 180-carat white Type IIa. The parcel, which also contained a 66-carat pink fetched a total of US$15.7 million (A$24.5 million) at an average price per carat of US$29,401.
