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Lucara’s Revenue Goes Up in 2019, Exceeding Expectations

Lucara’s revenue exceeded its guidance for the year, estimated at $170-$180 million
1758 carat diamond lucara
Credit: Lucara

Lucara Diamond Corp. has published its results for 2019, reporting total revenue of $192.5 million (2018: $176.2 million) and $468 per carat (2018: $502 per carat). Lucara’s revenue exceeded its guidance for the year, which was estimated at $170-$180 million.

 

472 Carat Diamond Lucara
Credit: Lucara

 

Adjusted EBITDA (Earnings before interest, taxes, depreciation) for the year was $73.1 million – a 21% jump compared to 2018. Net income was $12.7 million compared to net income of $11.7 million in 2018. During the year, Lucara recovered 31 diamonds bigger than 100 carats, of which 2 stones were in excess of 300 carats including the 1,758-carat Sewelô diamond. 30 diamonds were sold for more than $1 million, including 11 diamonds sold for more than $2 million and two diamonds sold for more than $5 million.

 

Lucara 123 carat diamond
Credit: Lucara

 

As for 2020, the miner said it expects to rake in revenues between $180 million and $210 million, and forecasts recovery of 350,000 to 390,000 carats.



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