Lucapa Diamonds reports half-year profit on ‘solid’ demand

On Monday, diamond producer Lucapa (ASX: LOM) announced US$46.8 million in rough diamond revenue for the half year ended 30 June 2023 (on a 100% basis), compared to US$34.8 million in revenue for the prior year period.

The company also reported half year attributable revenue of US$23 million, EBITDA of US$3.6 million (up 210% y-o-y), and profit after tax of US$3.2 million (loss of US$13.4 million in the previous year).

Lucapa said in a press release that its financial results improved due to “continued solid demand” for high-value production in the diamond market and “strong” operational performances from both mines.

Lucapa is an ASX listed diamond miner and explorer with assets in Africa and Australia. It has interests in two producing diamond mines in Angola (Lulo, in which LOM holds 40%) and Lesotho (Mothae, in which LOM holds 70%).

The company said that the large, high-value diamonds produced from these two niche African diamond mines attract some of the highest prices/ carat globally.

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