OTHER

Lucapa sales soar

Company says it remains on track for 2019 operating profit

Staff reporter

This article is 6 years old. Images might not display.

The company recovered 10,217 carats from the 70%-owned Mothae mine in Lesotho and 40%-owned Lulo concession in Angola, taking diamonds recovered for the half to 20,504ct.

That included the recovery of 215 plus-4.8ct diamonds for the quarter, and 445 for the half.

Diamond sales for the quarter were US$13.5 million (A$19.5 million), comprising $3.5 million from Mothae and $10 million from Lulo.

Mining and processing at Mothae performed ahead of plan due to higher than planned grades.

Cash operating costs were $12.56 per tonne, 14% better than plan.

The mine generated EBITDA of $1.1 million for the half.

Dewatering of the southern pit is underway to allow access to higher-margin diamond zones this quarter.

While Lulo underperformed operationally, year-on-year sales soared at an average price per carat of $3668, cementing the mine's status as the highest average price alluvial diamond production.

Lulo EBITDA was $11.3 million for the half.

A new earthmoving fleet has just arrived onsite to expand production and cashflow.

Lucapa closed the quarter with diamond inventory of 7001ct. Sales from both mines are scheduled for this month.

Lucapa had $5.2 million cash at the end of June, while the Lulo operating company had $9 million.

Shares in the company were unchanged today at A15.5c, valuing it at $76.8 million.

Expert-led Insights reports and Analytics tools built on robust data, rigorous analysis and expert commentary covering mining Risk, Projects, ESG, Leadership, and Investor Sentiment.

Expert-led Insights reports and Analytics tools built on robust data, rigorous analysis and expert commentary covering mining Risk, Projects, ESG, Leadership, and Investor Sentiment.

editions

ESG Index 2025: Benchmarking the Future of Sustainable Mining

The ESG Index provides an in-depth evaluation of the ESG performance of 60+ of the world’s largest mining companies. It assesses companies across 10 weighted indicators within 6 essential ESG pillars.

editions

Leadership Insights 2025

Leadership Insights reveals key trends in priority mining issues through interviews with 15+ top mining company executives and an industrywide survey.

editions

Mining IQ Risk Analytics

Risk Analytics offers interactive access to World Risk Insight data, allowing you to customise risk views, benchmark jurisdictions, explore data behind scores and read expert commentary to guide your decision-making.

editions

Project Pipeline Index 2025

View our 50 top mining projects, handpicked using a unique, objective selection process from an expanded database of 600+ global assets.