Category: Mining

Lucara Cuts Revenue Guidance Amid Lack of Large Stones

Company now expects between $160 million and $180 million, compared to original $220 million to $250 million.

Revenue up 12% year on year in third quarter.

Company also reduces production outlook for 12-month period.

Average price grew 22% year on year in third quarter amid higher-value rough offering.

Third-quarter sales for Lulo mine up 86% at $16.9 million.

July shutdown of Diavik deposit due to unstable ground dented company's rough production.

Sales volume up 42% year on year in third quarter.

Divestment will enable company to save $15 million to $18 million in closure-related costs.

Miner will maintain a five-year rough-supply agreement with Eira Thomas and HRA Group to use Clara for its own production.

Seven pink and red Argyle stones ranging from 0.60 to 2.63 carats headline collection.

The September issue looks at the spending trends, gemstones, and styles shaping retail shopping this festive season.