Business

Lucara expects profit jump

Mbongeni Mguni | Tuesday December 6, 2022 15:44

Shining bright: Lucara built Karowe Mine at a cost of $120 million in 2012. This year alone, the Canadian company expects revenues of $225. million from the Mine. Next year, revenues are due to rise to $230 million PIC: LUCARADIAMOND.COM
 
Shining bright: Lucara built Karowe Mine at a cost of $120 million in 2012. This year alone, the Canadian company expects revenues of $225. million from the Mine. Next year, revenues are due to rise to $230 million PIC: LUCARADIAMOND.COM

For this year, Lucara executives expect revenues to range between $195 to $225 million (P2.5 billion to P2.9 billion).

In a notice last week, the diamond company’s president and CEO, Eira Thomas said up to 425,000 carats were expected to be recovered next year, up from a forecast of 340,000 carats this year.

Sales in 2023 are projected to reach 415,000 carats up from a forecast of 340,000 carats this year.

In 2023, Lucara expects to spend up to $105 million (P1.4 billion) on progressing its underground mining project at Karowe. Thomas said the funds would be spent predominantly on shaft sinking activities, along with the construction of the bulk air cooler, tendering the underground development contract and underground equipment purchases.

She said the ramp-up to planned sinking rates for both the ventilation and production shaft continued.