For the first quarter of 2021,
Lucara Diamond (TSX: LUC) reported revenues of US$53.1 million on US$579 per carat sold – up 56% from last year’s first quarter average of US$396 per carat.
After a difficult 2020, in which global travel and diamonds sale volumes were drastically reduced, the diamond miner reported a first-quarter market that was the healthiest it’s been in five years, with diamond prices rising in almost all sizes and qualities.
The company reported net income of US$3.4 million, compared with a net loss of US$3.2 million in the same quarter of last year. Operating costs rose slightly at the open-pit operation to US$215 per carat from US$201 per carat. At the same time, the higher sales prices boosted operating margins to US$364 per carat from US$195 per carat.
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Lucara Diamonds (CVE:LUC) C$0.85, Mkt Cap C$338m – Project finance approved for Karowe mine underground development
Lucara Diamonds reports that a previously announced project finance package of US$220m to fund the underground expansion of its wholly-owned Karowe diamond mine in Botswana from a consortium of five international banks has now been approved.
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Lucara secures US$220 million for Karowe expansion
Open pit operations will cease in 2026, but mining can continue underground to 2040. (
Canada’s Lucara Diamond (TSX:LUC) has secured up to US$220 million in credit-approved commitments for senior debt facilities, which will help it fund a five-year, US$514 million underground expansion of its Karowe mine in Botswana.
The package consists of a project finance facility of US$170 million for the expansion and a working capital facility of US$50 million to bankroll the ongoing operation of the open pit mine.
Chief executive Eira Thomas said the backing of five major banks, including ING Bank, Natixis, Société Générale London Branch, Africa Finance Corporation and Afreximbank, represented a strong endorsement to the company’s growth plans.
Lucara secures $220 million for Karowe expansion
Open pit operations will cease in 2026, but mining can continue underground to 2040. (
Canada’s Lucara Diamond (TSX:LUC) has secured up to $220 million in credit-approved commitments for senior debt facilities, which will help it fund a five-year, $514 million underground expansion of its Karowe mine in Botswana.
The package consists of a project finance facility of $170 million for the expansion and a working capital facility of $50 million to bankroll the ongoing operation of the open pit mine.
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Chief executive Eira Thomas said the backing of five major banks, including ING Bank, Natixis, Société Générale London Branch, Africa Finance Corporation and Afreximbank, represented a strong endorsement to the company’s growth plans.
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