Loss-Making Lucapa Reports Revenue Increase
August 07, 25
(IDEX Online) - Lucapa, the Australian miner that appointed voluntary administrators in May, says its first-half revenue has increased by 8 per cent.
Rough diamond sales from its Lulo mine, in Angola, totaled $29.4m, the company said, albeit on higher volumes and lower prices.
It sold 13 per cent more carats than during the first half of 2024. Average per carat price was down 4 per cent to $1,890, according to its latest Quarterly Activities Report.
Lucapa's diamond production increased substantially in terms of carats recovered (up 49 per cent) and grade (up 92 per cent). It also recovered 34 per cent more +10.8 carat specials.
The company went into administration saying sustained low diamond prices and operational challenges - an 18-day blockade and flooding issues- had left it unable to meet its financial obligations. It reported a net loss of $1.5m for 2024.
As of March this year the company holds a majority 51per cent stake in the Lulo alluvial mine and is developing the Merlin Diamond Project in the Northern Territory, Australia.
Last June, Lucapa offloaded its 70 per cent stake in the Mothae mine, in Lesotho, to a local contractor for a nominal sum.
Pic courtesy Lucapa shows Lulo mine.