Saturday, 10th June 2023

Lucapa diamond sales exceed A$13mln in 2021

ASX-listed Lucapa Diamond says diamond sales from both Lulo and Mothae mines in Angola and Lesotho, respectively exceeded A$135 million for the year ended 31 December 2021, a growth of 193% compared to A$46 million recorded in 2020.

Company chairperson Miles Kennedy attributed the growth in sales to strong operational performances and a resurgent diamond market following disruptions caused by the Covid-19 pandemic.

Lucapa’s attributable earnings before interest, taxes, depreciation and amortization (EBITDA) for the year was A$22.3 million, against a loss of A$400 000 the previous year, a strong turnaround of about A$22.7 million year-on-year.

Lucapa’s run-of-mine production achieved an overall average price of A$2,150 a carat, which is more than ten times higher than the world average, he said.

Diamond output from both mines increased 54% to 57,065 carats in 2021 from 37,125 carats produced in the previous year.

Carats recovered at Lulo rose 4% to 24,595 carats with a total of 783 stones produced weighing more than 4.8 carats.

This included 261 specials or stones weighing more than 10.8 carats.

Mothae recovered 32,470 carats in 2021, representing a new annual record and an increase of 141% over the previous pandemic affected year.

Recoveries included 628 stones weighing more than 4.8 carats, of which 168 were specials, said Lucapa.

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