Lucara makes US$54.8million from stone tender

The Canadian Lucara Diamond company, with mining operations in Botswana, has announced the results from its first exceptional stone tender (EST) of Botswana’s Karowe diamonds in 2017 and its eleventh EST since mining began in 2012.  

According to the company, the tender consisted of 15 single stone lots, ranging from 373.72 carats to 29.90 carats in size, totalling 1765.72 carats and achieved gross revenues of US$54.8 Million (US$31,010 per carat).  

In its highlights: seven diamonds sold for more than US$2.0 Million each;  Lot 1001, the 373.72 carat Type IIa diamond sold for US$17.54 Million;  An additional three diamonds sold for more than US$4.0 Million including the 182.47 carat stone which sold for US$6.3 Million. Average value of diamonds sold YTD exceed US$1221 per carat

William Lamb, President and CEO, commented, “Now in its fifth year of production, Karowe continues to deliver strong, consistent, results from its Regular and Exceptional Tenders, demonstrating the robust nature of the orebody and the predictable contribution from large, high value diamonds (+10.8 carat specials).  
 “This tender achieved a price in excess of US$31,000 per carat, further evidencing the continued, strong demand for our diamonds in the marketplace.  To date, the Company has sold 145 diamonds for more than US$1 Million each, bringing in revenues of greater than US$528 Million.  These strong cashflows support the Company’s dividend policy and growth strategy.”