Lucara Diamond Corp.
Lucara Diamond Corp. CEO, Eira Thomas

Eira Thomas, President & CEO comments: “The measures that Lucara took early in the pandemic, including the decision not to sell rough diamonds in excess of +10.8 carats after Q1, helped protect and support prices for large, high value diamonds that account for more than 70% of our revenues.

“These efforts in conjunction with our transformational supply agreement with HB Antwerp executed in July, resulted in strong price recoveries by Q4, a trend which has continued into 2021.

Lucara recovers top white gem diamond
Lucara recovers 998 carat diamond

“The recent recovery of two, high value +300 carat stones continue to highlight the extraordinary nature of the Karowe resource and underpin the rationale for underground expansion, extending our mine life out to at least 2040.

Read more articles about diamonds

“In late 2020, the Government of Botswana also granted Lucara a mining license extension for 25 years, a critical milestone for the underground project, paving the way for the completion of a supplementary debt financing in support of full project sanction, anticipated in the second half of 2021.”


  • Revenue of $42.4 million or $402 per carat sold in Q4 2020. This includes diamonds sold through a combination of regular tenders, Clara, and through HB Antwerp (“HB”) under the supply agreement announced in July 2020.
  • FY2020 total operating cash costs of $27.80 per tonne processed, 13% lower than the prior year.
  • Adjusted EBITDA in Q4 2020 of $10.2 million marks a continued strong operating margin of 49%.
  • Lucara continues to have a strong availability of working capital, including $4.9 million in cash at the end of Q4 and $19.5 million available from a revolving term credit facility. No long-term debt.
  • Specials recovered (+10.8 carats) equated to 6.7% weight percentage of total recovered carats, the fourth year to achieve greater than 6%.
  • Extension of the Karowe mining license for a period of 25 years to 2046, marking a critical step in the advancement of the Karowe underground expansion project.
  • In January 2021, the Company announced the recoveries of two, top white gem quality diamonds (341 carats and 378 carats) from ore sourced from the M/PK(s) unit within the South Lobe. Both stones were recovered unbroken.