Lucara Diamonds, a diamond mining company operating in Botswana, has announced solid operational and financial results for the first quarter of 2023. The company achieved its key operational targets, mined 0.5 million tonnes of ore and 0.8 million tonnes of waste, processed 0.7 million tonnes of ore, and recovered 89,640 carats.

Lucara Diamonds recorded an operating cash cost of $26.65 per tonne of ore processed in Q1 2023, below the anticipated annual operating cash cost range of $32.50 to $35.50 per tonne. This demonstrates the company’s effective cost management and commitment to profitability.

In terms of revenue, Lucara Diamonds generated $42.8 million for the quarter ending March 31, 2023, including $5.3 million through Clara, its digital sales platform. The company also achieved $20.4 million in cash flow from operating activities, highlighting its ability to convert operational success into financial gains.

During Q1 2023, Lucara Diamonds invested $30.5 million in the Karowe underground expansion project (“UGP”). Activities focused on sinking the main shafts for ventilation and production purposes, completing the first grout programs in each shaft, and energizing the 11kV transmission line from the new Karowe substation to the UGP. Additionally, the company conducted stage two of the bulk power supply upgrade to ensure the upgraded grid-supplied electricity powers both the existing operations and the UGP.

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