No distinctive stones have been bought, and the remaining 20% of the public sale’s volumes is scheduled to shut on or round March 7, the corporate mentioned.
Publishing its 2021 results, Canada’s Lucara confirmed a income enhance of 84% to of $230.1 million, which it attributed to robust diamond market fundamentals.
The miner mentioned the worldwide marketplace for tough stones and diamond jewelry has reached a wholesome steadiness. It mentioned it anticipated the constructive pattern to proceed in years to come back.
“2021 was a pivotal yr for Lucara, having de-risked our future development technique with the sanction of the totally financed, Karowe underground growth venture, conservatively estimated so as to add $4 billion to future revenues and prolong mine life to at the least 2040,” president and chief government Eira Thomas mentioned in a statement.
The Vancouver-based firm additionally mentioned it processed 2.8 million tonnes of ore final yr at its Karowe mine in Botswana – a file because the begin of manufacturing in 2012.
Lucara additionally revised its income steering for 2022 greater to between $195 million and $225 million, in contrast with the beforehand guided $185 million to $215 million.
Greater costs anticipated
The diamond market got here to a standstill on the peak of the covid-19 pandemic, rising worries that oversupply might damage the sector for years. However surging purchases by intermediaries who minimize, polish and commerce stones all however wiped-out miners’ stockpiles, whilst Alrosa and its closest competitor, Anglo American’s De Beers, hiked prices.
A examine commissioned by the Antwerp World Diamond Centre estimates that diamond jewelry demand will totally get better to pre-covid ranges between 2022 and 2024.
The rise in demand gained’t be uniform, the report by consulting group Bain reveals, as it is going to rely lockdown insurance policies, authorities help, and the extent to which retailers handle to shift gross sales on-line.
