Lucara Q3 Revenue Plunges 58%

Lucara Diamond Corp. reported that its Q3 revenue plunged 58% to US$ 38.1 million  as compared to US$ 90.9 million in Q3 2015. The company said, “Dip in revenue because it conducted only one diamond tender sale as compared to two diamond tender sales during Q3 2015.

Lucara’s year to date revenue was US$ 229.4 million(Year to date 2015: US$ 158.6 million. The average per carat price realised in Q3 2016 stood at US$ 332 per carat. Production fell 19 percent to 81.4 million carats.

The Company reported a net loss of US$ 3.8 million during Q3 as compared to net income of US$ 44.2 million in same period of 2015. Its Q3 EBITDA was US$ 12.4 million.

William Lamb, President and Chief Executive Officer commented “We are pleased with our Q3 and year to date revenue and now look forward to the fourth quarter with high quality production for our second exceptional tender of the year and a further regular tender in December. Cost discipline during Q3 remained strong and we continued to advance our capital projects for large diamond recovery as well as our exploration and drilling programs to expand our resource base.”

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