The following is a summary of the Lucara Diamond Corp. (LUCRF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Lucara Diamond Corp. reported Q1 2024 total diamond sales of $41 million, consistent with their previous year's sales.
The company achieved an operating margin of 51% with operating costs at $26 per ton processed for the quarter.
A dip in the volume of premium plus 10.8 carats sold required an additional project loan for the upcoming underground development.
Business Progress:
Significant strides were made in underground development with $140 million drawn from the project loan.
Lucara is ahead of its 2023 rebase schedule for ventilation and production shafts, and several key projects are either in progress or nearing completion.
Lucara's online diamond sales platform, Clara, generated $109 million, underscoring Lucara's digital market success.
The company views the Karowe resource as a lasting valuable asset contributing significantly to the production of large diamonds.
More details: LUCARA DIAMOND CORP IR
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