Lucara Forecasts Increased Revenue in 2024

Lucara Forecasts Increased Revenue in 2024
Diamond sorting at Karowe, courtesy Lucara.

Lucara is forecasting a revenue increase of at least 30 per cent next year after cutting its 2023 prediction earlier this month.

The Vancouver-based miner said it would be using it sales channels to maximize revenue and generate consistent cash flow.

In September it ditched a 10-year deal with HB Antwerp to sell the +10.8-ct stones that account for around 65 per cent of its revenue, accusing it of a “material breach of its financial commitments”.

Lucara revised down its revenue guidance from the Karowe by around a fifth to $160m to $190m (from $200m to $230m).

In a news release on Tuesday (28 November) it said the vast majority of next year’s output was expected to come from the mine’s South Lobe, which is lower grade, but yields a higher weight percentage of +10.8-ct stones.

It expects to recover 345,000 carats to 375,000 carats from 3.6m to 4.6m tonnes of ore.

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