Lucara Diamond Corp, which operated the Karowe mine in Botswana, has reported its results for the third quarter (ended September 30, 2018).
During Q3 2018, Lucara’s revenue went down to $45.7 million, compared with $77.9 million in Q3 2017. Value per carat went down to $450, compared with $1,161 per carat in Q3 2017. However, the third quarter of 2017 saw the sale of the Lesedi La Rona diamond for $53 million, which greatly increased the miner’s average revenue per carat.
Q3 2018 EBITDA (earnings before interest, taxes, depreciation and amortization) was $18.2 million, compared with $49.8 million in Q3 2017. This, the miner said, “reflects lower revenues attributable to a smaller volume and lower average price of exceptional stones sold”. Net income for the third quarter totaled $5.1 million, compared with $32.9 million a year before.
Lucara recovered 197 special diamonds (larger than 10.8 carats) during the third quarter, of which 10 diamonds were greater than 100 carats in weight.
