Lucapa Diamond Company Limited has achieved outstanding third-quarter results, demonstrating the company’s endurance in a challenging market situation.
Despite the overall downturn of the diamond market, Lucapa‘s Lulo Alluvial Mine in Angola produced excellent results. Revenue increased by 86% to $16.9 million, while the price per carat rose by 188% to $3033, demonstrating the high quality of the diamonds produced.
The company’s strategic measures, such as river diversions to access higher-grade floodplain gravels, have proven effective. These approaches have helped to enhance carat production and improve the quality of diamonds recovered.
In addition to operational excellence, Lucapa has showed the capacity to seize market possibilities. A 176-carat Type IIa diamond recovered during the quarter was sold for $3 million after the quarter ended, increasing the company’s revenue.
The Project Lulo Joint Venture’s ongoing kimberlite exploration effort is showing promise, with recent results announced. The sale of the Mothae mine in Lesotho has significantly simplified Lucapa‘s operations, allowing the business to concentrate on its key assets.