Diamond Sales Give Lucara Strong Quarterly Showing

Diamond miner Lucara Diamond Corp reported revenues of $47.2 million for the second quarter, and $79.7 million for the half-year period. Net income for the second quarter totaled $22.7 million compared with a loss of $7.6 million a year earlier. For the first six months of this year, net income was $28.8 million from a loss of $11.8 million a year earlier.

Lucara completed its first large and exceptional stone tender, along with two regular tenders, achieving gross proceeds of $49.3 million during the second quarter. Full-year proceeds to date are $81.8 million.

The diamond sales completed during the second quarter included: a tender of large and exceptional stones held in May consisting of 15 single stone lots. All stones were sold for gross proceeds of $24.6 million ($30,184 per carat with a combined weight of 815 carats).

The company’s two regular tenders during the second quarter totaled 101,637 carats, achieving winning bids of $24.7 million or $243 per carat. The average value of run-of-mine diamonds recovered and sold during the quarter was $485 per carat.

During the period the company continued to recover a number of significant gem quality diamonds from its run of mine production. The diamond company is planning its second exceptional stone tender in September 2013, which will feature 16 single diamond lots, including five diamonds larger than 100 carats and one small pink diamond.

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