Lucara, which owns and operates the Karowe diamond mine in Botswana, has announced the financial results for 2016. In a press release, Lucara is reporting revenues of $295.5 million or $824 per carat and EBITDA (Earnings before interest, tax, depreciation and amortization) of $185.4 million. In Karowe, the miner is reporting diamond recoveries totaling 353,974 carats, in line with forecast.
As mentioned, revenues were up to 295.5 million or $824 per carat – up from $223.8 million and $593 per carat in 2015. Lucara also reports year-end cash position of $53.3 million – up from $134.8 million in 2015 – following dividend payments of $149.7 million during the period.
William Lamb, President and CEO, commented: “The Company achieved record sales in 2016. We demonstrated our commitment to deliver consistent and sustainable value to our shareholders as well as the strength of our cash flow generation by paying a special dividend during the year, while continuing to advance growth opportunities in Botswana […] Our capital projects for enhanced diamond recovery are on target to be completed in 2017, ensuring maximum diamond recoveries from the high value south lobe”
