Lucara Diamond has updated its revenue guidance to between $165 million and $175 million for the year ending December 31, 2017. According to Rough & Polished, the previous guidance stood at between $200 million and $220 million.
The revised projection is driven by “a longer than anticipated ramp up of its new mining contractor, Aveng Moolman as well as contractor operating inefficiencies which are being addressed and improved”. According to Lucara, it excluded the sale of the 1,109 carat Lesedi La Rona from its projection. The tennis-sized diamond was sold to British jeweler Graff for $53 million in September.
Earlier this week, Lucara reported third quarter revenues of $77.9 million – $1,161 per carat. This, compared with $38.1 million and $332 per carat respectively in the third quarter of last year. The boost in revenue and price per carat was heavily boosted by the sale of the Lesedi La Rona. Excluding this sale, the Q3 average sales price was $389 per carat. The south lobe of the Karowe Mine continued to yield high value diamonds – 108 special stones (+10.8 carats) during the quarter.
