Lucara Reports $13.9m Loss

By John Jeffay / August 13, 2020 / www.idexonline.com / Article Link

(IDEX Online) - The Canadian miner Lucara reported a Q2 loss of ?, ?13.9m, after choosing not to sell any of its larger stones.Last year it made a 0.7m profit in the same quarter.During Q2 2020 it sold smaller stones from its Karoe mine (pictured), in Botswana, at a single tender in Antwerp and through its digital sales platform Clara - five sales of stones between one and 10 carats - generating a total of $7.5m (compared with $42.5m in Q2 2019).But it made a deliberate decision to withhold all +10.8 carat production in light of the COVID-19 pandemic. Instead it will sell them through the Antwerp-based HB Group in what it has described as a "groundbreaking partnership".Lucara hopes to realize revenue from the agreement during Q3.  Larger stones account for 70 per cent of its revenue.Prices fell sharply during Q2 with diamonds achieving just $109 per carat (compared with Q2 2019: $417 per carat).Lucara says 2020 guidance remains suspended because the full impact of COVID-19 on its operations and production outlook is still so uncertain.

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