Lucapa Diamonds Shines in Q3, Despite Market Challenges

Lucapa Diamond Company Limited has announced a stellar performance in its third-quarter results, showcasing the company’s resilience in a challenging market environment.

Despite the overall softness in the diamond market, Lucapa’s Lulo Alluvial Mine in Angola delivered exceptional results. Revenue surged by 86% to $16.9 million, and the price per carat received soared by 188% to $3033, reflecting the exceptional quality of the diamonds produced.

The company’s strategic initiatives, including river diversions to access higher-grade floodplain gravels, have proven successful. These efforts have contributed to the increased carat production and improved quality of diamonds recovered.

In addition to operational excellence, Lucapa has also demonstrated its ability to capitalise on market opportunities. A 176-carat Type IIa diamond, recovered during the quarter, was sold post-quarter end for $3 million, further enhancing the company’s revenue.

The Project Lulo Joint Venture’s ongoing kimberlite exploration program continues to show promise, with results recently announced. The divestment of the Mothae mine in Lesotho has also simplified Lucapa’s operations and allowed the company to focus on its core assets.

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