Lucapa reported a significant rise in revenue from its Lulo alluvial diamond mine in Angola for the quarter ending 30 September, nearly doubling earnings from the same period last year. The Australian mining company attributed the revenue boost to high-value diamond recoveries.
The company announced an 86% year-over-year increase in third-quarter revenue, reaching $16.9 million. Additionally, the average price per rough carat jumped by 188% to $3,033, up from $1,052 last year. This revenue growth occurred even as the volume of carats sold dropped by 35%, with sales taking place through one tender and two run-of-mine transactions.
In July, Lucapa successfully auctioned six diamonds totaling 447 carats, which included five white Type IIa diamonds between 195 and 28 carats and a 14-carat pink diamond, fetching $12.4 million. In another high-value sale, a 176-carat Type IIa diamond discovered during the third quarter was sold for $3 million after the quarter ended, translating to $17,200 per carat.
Despite continued challenges in the diamond market, Lucapa noted that Lulo’s large, high-quality stones have remained resilient to broader market softness, with recent tenders showing stable prices.
Production levels remained consistent with the same quarter in 2023, despite adjustments to the mining plan following late-season flooding. Lucapa managed to offset a lower recovery grade by processing a greater volume of gravel.
Lucapa holds a 40% stake in the Lulo mine, while Angola’s state-owned diamond company, Endiama, owns 32%, and private Angolan firm Rosas & Petalas controls the remaining 28%. Lulo remains one of the world’s leading sources of high-value alluvial diamonds, achieving top prices per carat globally.
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