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Lucapa Sales Gain in Solid Rough Market

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JOSHUA FREEDMAN • 27-01-2023

Revenue rose at Lucapa Diamond Company in the fourth quarter as the miner benefited from strong prices and continued income from its manufacturing partnership.

Sales from the company’s mines jumped 39% year on year to $41.4 million for the period, it reported Tuesday. The average selling price surged 49% to $2,707, outweighing a 7% drop in volume to 15,297 carats.

The company’s Lulo mine in Angola was the biggest contributor, with sales from the deposit increasing 39% to $36.2 million. In November, seven exceptional white and pink diamonds from the mine sold for a combined $20.4 million at an international tender that Angolan state trader Sodiam held in Luanda, the capital. Overall rough prices rose in November and December, the company said, citing GTD Consulting’s price index.

Meanwhile, revenue from the Mothae mine in Lesotho rose 41% to $5.2 million. South African diamond cutter Safdico bought all 7,004 carats of available rough from the site, in line with a polishing agreement the two businesses signed in 2020.

Excluding the shares of Lulo and Mothae that Lucapa does not own, group sales increased 39% year on year to $18.1 million. The company holds 40% of Lulo and 70% of Mothae, with government and local entities controlling the rest.

Image: Large diamonds from the Lulo mine. (Lucapa Diamond Company)

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