Lucara sees profit jump

Fast-rising diamond producer, Lucara Diamond, expects its revenues for 2023 to range between $200 million and $230 million (P2.6 billion to about P3 billion), due largely to the contribution of higher value stones at its Karowe Mine. For this year, Lucara executives expect revenues to range between $195 to $225 million (P2.5 billion to P2.9 billion). In a notice this week, the diamond company’s president and CEO, Eira Thomas said up to 425,000 carats were expected to be recovered next year, up from a forecast of 340,000 carats this year. Sales in 2023 are projected to reach 415,000 carats up from a forecast of 340,000 carats this year. In 2023, Lucara expects to spend up to $105 million (P1.4 billion) on progressing its underground mining project at Karowe. Thomas said the funds would be spent predominantly on shaft sinking activities, along with the construction of the bulk air cooler, tendering the underground development contract and underground equipment purchases. She said the ramp-up to planned sinking rates for both the ventilation and production shaft continued.