Lucara 2021 revenue clocks P2.6 Billion, profits surpasses P260 million.

Diamond Mining | Financial results

On Thursday February 24, 2022 Lucara Diamond Corporation, sole owners of the iconic Karowe Mine in Boteti , released their financials for the year 2021.

Revenue closed the year at $230.1 million (over P2.5 billion) an increase of 84% from the 2020 figure of $125.3 million( just over P1.3 billion). Average price per carat sold increased to $603/carat, an 80% increase over the previous year.

Adjusted EBITDA of $102.5 million increased more than five-fold over the adjusted EBITDA of $18.4 million for the same period in 2020, attributed primarily to higher revenues.

Net income for the year increased to $23.8 million ( over P260 million) , or $0.06 earnings per share.


A total of 841 Specials (single diamonds in excess of 10.8 carats) recovered, representing 7.8% weight percent Specials, the highest annual volume of Specials recovered since Karowe commenced production in 2012. The third +1,000 carat diamond recovered since 2015.

A record 2.8 million tonnes of ore processed, representing a new annual record since the start of production at the Karowe Mine.

Equity and debt financings totalling $250 million concluded mid-2021 will support a $534 million underground expansion project at the Karowe Mine in Botswana.

The Karowe underground expansion project was formally approved by the Board of Directors and a total project investment of $86.3 million during 2021 focused on detailed design and engineering, establishing
surface infrastructure and shaft pre-sinking.

Total sales volume of $28.7 million transacted on the Clara platform, a 168% increase from the $10.7 million transacted in 2020.

Operating cash costs of $30.02 per tonne processed(1) (2020: $27.80 per tonne processed) are 8% higher than the prior year because of a combination of increased mining and processing activity and higher power, labour and insurance costs.

As at December 31, 2021, Lucara had cash and cash equivalents of $27.0 million and $23.0 million drawn ($27.0 million available) from a $50 million working capital facility.

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