TIDM0QUI
RNS Number : 6361V
Lucara Diamond Corp
11 August 2022
August 10, 2022
NEWS RELEASE
LUCARA ANNOUNCES STRONG Q2 2022 FINANCIAL AND OPERATIONAL
RESULTS AS UNDERGROUND SHAFT SINKING COMMENCES
VANCOUVER, August 10, 2022 /CNW/ (LUC - TSX, LUC - BSE, LUC -
Nasdaq Stockholm)
Lucara Diamond Corp. ("Lucara" or the "Company") today reports
its results for the quarter ended June 30, 2022.
Q2 2022 HIGHLIGHTS:
-- Revenue for the three months and six months ended June 30,
2022 totalled $52.3 million and $120.5 million, respectively.
-- Strong rough and polished diamond market fundamentals
continue, despite growing global economic uncertainties.
-- Revenue from sales transacted on Clara during the three
months ended June 30, 2022 totalled $9.4 million, a 13% increase
from the $8.3 million in revenue earned in the comparative
quarter.
-- A third-party producer commenced a series of trial sales on
Clara in Q2 of 2022, which are continuing into Q3 of 2022.
-- Production metrics remained in line with 2022 guidance, with
1.1 million tonnes of ore and 0.4 million tonnes of waste mined,
and 0.7 million tonnes of ore processed during the three months
ended June 30, 2022.
-- A strong U.S. Dollar helped to mitigate increases in input
costs, resulting in an operating cash cost of $28.78 per tonne of
ore processed(1) .
-- A total project investment of $29.1 million into the Karowe
UGP during the current quarter focused on the transition to main
sink activities and construction of the upgraded transmission line
and related substations.
Eira Thomas, President & CEO commented: " In Q2, Lucara
celebrated 10 years of continuous operations at its 100% owned
Karowe Diamond Mine and delivered production on plan in combination
with healthy diamond sales, reflecting stable polished diamond
demand and a continued positive outlook for diamond prices longer
term. Third party volumes on Clara also continued to grow during
the quarter, with Karowe goods reliably supplemented in each
completed sale. Momentum on the underground expansion continues to
ramp up as we began the transition towards the main shaft sinking
phase; Lucara maintains access to ample liquidity to support of its
growth plans."
REVIEW FOR THE QUARTERED JUNE 30, 2022
-- Operational highlights from the Karowe Mine for the three
months ended June 30, 2022 included:
o Mined 1.1 million tonnes (Q2 2021: 0.9) and 0 .4 million
tonnes (Q2 2021: 0.8) of ore and waste, respectively.
o Processed 0.7 million tonnes of ore (Q2 2021: 0.7) and
recovered 86,317 carats (Q2 2021: 101,330 carats), achieving a
recovered grade of 12.0 carats per hundred tonnes (Q2 2021: 13.9
cpht).
o A total of five diamonds greater than 100 carats were
recovered during the quarter.
o The year-to-date Total Recordable Injury Frequency Rate
("TRIFR") of 0.09 (Q2 2021: zero) at the end of Q2 2022 reflects
one medical treatment case reported during the first quarter of
2022.
(1) See "Non-IFRS Financial Performance Measures"
-- Financial highlights for the three months ended June 30, 2022 included:
o Revenues from the sale of 66,167 carats recovered from the
Karowe Mine were $50.0 million (Q2 2021: $45.9 million from the
sale of 68,806 carats from Karowe). The sales agreement with HB
Trading BV ("HB") accounted for 65% (Q2 2021: 67%) of total Karowe
revenue recognized in the quarter.
o Operating cash costs of $28.78 per tonne processed(1) (Q2
2021: $27.51 per tonne processed) reflect the impact of higher
input costs, partially offset by a comparatively stronger U.S.
Dollar.
o Adjusted EBITDA(1) of $24.4 million increased by 10% from
$22.2 million for the same period in 2021, attributed primarily to
higher revenues.
o Net income for the quarter increased to $12.5 million ($0.03
basic earnings per share) from $6.0 million ($0.02 basic earnings
per share) in Q2 2021.
-- Cash position and liquidity:
o As at June 30, 2022, the Company had cash and cash equivalents
of $40.8 million.
o The Company drew an additional $20.0 million from the $170.0
million project loan facility for a total drawn amount of $65.0
million.
o The outstanding balance on the working capital facility was
reduced to zero during the quarter and the full $50.0 million
facility was unutilized as at June 30, 2022.
DIAMOND SALES
Diamond sales in Q2 2022 continued through HB under the sales
agreement for those gem and near-gem diamonds greater than 10.8
carats which are to be manufactured and sold as polished. Other
diamonds continued to be sold through a combination of the Clara
platform and regular tenders.
The Company recognized total revenues of $52.3 million in Q2
2022. This included $50.0 million from the sale of 66,167 carats
from Karowe, top-up payments of $13.1 million as well as $2.3
million from the sale of third-party goods on the Clara platform.
In the comparative quarter, the Company achieved revenues of $46.3
million which included $45.9 million from the sale of 68,806 Karats
from Karowe, top-up payments of $7.9 million as well as $0.4
million in revenue from third party goods sold through the Clara
platform.
HB SALES AGREEMENT FOR +10.8 CARAT DIAMOND PRODUCTION FROM
KAROWE
Karowe's large, high value diamonds have historically accounted
for approximately 60% to 70% of Lucara's annual revenues. In 2020,
Lucara announced a partnership agreement with HB, entering into a
definitive sales agreement for diamonds recovered that exceed +10.8
carats from the Company's 100% owned Karowe Diamond mine in
Botswana. This agreement was subsequently amended and extended to
December 31, 2022. The mechanisms of the agreement result in
complete transparency within the value chain and create important
alignment between the producer and the manufacturer for the first
time.
(1) See "Non-IFRS Financial Performance Measures"
Under the amended sales agreement, +10.8 carat gem and near gem
diamonds from the Karowe Mine of qualities that can directly enter
the manufacturing stream are being sold to HB at prices based on
the estimated polished outcome of each diamond. The estimated
polished value is determined through state-of-the-art scanning and
planning technology, with an adjusted amount payable on actual
achieved polished sales, less a fee and the cost of manufacturing.
Following the extension of the HB Agreement in 2021, all +10.8
carat non-gem quality diamonds and all diamonds less than 10.8
carats in weight which did not meet the criteria for sale on Clara
are being sold as rough through the quarterly tender. In the
agreement extension, payment terms were amended to better reflect
the timing of mine production and the manufacturing process. This
unique pricing mechanism delivers regular cash flow for this
important segment of our production profile.
For the three months ended June 30, 2022, the Company recorded
revenue of $32.4 million from the HB agreement (inclusive of top-up
payments of $13.1 million), as compared to revenue of $30.7 million
in Q2 2021 (inclusive of top-up payments of $7.9 million). The
increase in revenue in Q2 2022 is attributed to higher prices
achieved, despite lower overall sale volumes delivered to HB during
the current quarter. Diamond market fundamentals continued to
support healthy prices as steady demand and some inventory
shortages were reported. Natural variability in the quality profile
of the +10.8ct production in any production period or fiscal
quarter results in fluctuations in recorded revenue and associated
top ups between periods. This is expected and reflects a
combination of current diamond market prices as well as variability
in the quality of Karowe's production profile in any given
period.
As a result of the sales agreement with HB, the Company also
participated in polished diamond price increases during Q2 2022 as
rough diamonds sold to HB in previous quarters were polished and
sold. In Q2 2022, top-up payments of $13.1 million (Q2 2021: $7.9
million) were included in revenue for the quarter. At June 30, 2022
a number of higher value and more technically complex stones that
take longer to manufacture had not fully completed the
manufacturing and sales process. These stones were delivered to HB
in 2021 and the first six months of 2022. As these stones finish
the manufacturing process and are sold, the Company's may record
additional revenue in the form of "top-up" payments from these
sales.
CLARA SALES PLATFORM
Clara, Lucara's 100% owned proprietary, secure, web-based
digital sales platform, continues to gain scale and interest.
Interest in Clara continues to grow as the benefits of purchasing
rough diamonds in an innovative way become evident. In Q2 2022,
five sales (Q2 2021: six sales) took place with a total sales
volume transacted of $9.4 million, a 13% increase from the $8.3
million transacted in Q2 2021, continuing the strong price trends
observed on Clara during Q1 2022. The number of buyers on the
platform remained stable during the quarter with the Company
maintaining a waiting list to manage supply and demand.
While most of the stones transacted through the platform are
supplied from the Karowe Mine, secondary market stones continued to
be offered for sale through the platform with good results.
Additional supply is required to meet existing demand and drive the
platform's growth and the Company launched a series of trial sales
on the Clara platform with a third-party producer in Q2 2022. The
Company intends to continue to seek additional supply in 2022, both
from third-party producers and the secondary market.
KAROWE UNDERGROUND EXPANSION UPDATE
The Karowe UGP is expected to extend the mine life to at least
2040, with underground carat production predominantly from the
highest value EM/PK(S) unit and is forecast to contribute
approximately $4 billion in additional revenues, using conservative
diamond prices. The estimated capital cost for the Karowe UGP has
increased from $534 million (including contingency) to $547 million
to reflect expected pricing changes following execution of the main
sink contract. Mine ramp up is expected in Q1 2026 with full
production from the Karowe UGP expected in H2 2026. The Company is
using a combination of cash flow from operations and project debt
for the investment in the Karowe UGP, which is fully financed.
During the three months ended June 30, 2022, a total of $29.1
million was spent on the Karowe UGP development, primarily in
relation to ongoing construction activities and procurement of long
lead items, including:
-- Pre-sink activities for both the production and ventilation
shafts were completed, including placement and erection of headgear
for the production shaft.
-- The main sink contract for the production and ventilation
shafts was executed and main sinking of the ventilation shaft
commenced. The transition from the pre-sink to the main sinking
phase has been slower than anticipated however, opportunities have
been identified to decrease main sink cycle times and reduce the
impact to the schedule.
-- The production shaft stage winder was installed and roped-up.
-- Procurement of shaft station underground mobile equipment and
the mine bulk air cooler was initiated.
-- Letlhakane and Karowe power substation construction
continued. The transmission line towers were erected in preparation
for the stringing of the transmission lines.
Activities for the Karowe UGP in the upcoming quarters of 2022
are expected to include the following:
-- Commencement of main sinking for the production shaft.
-- Awarding of bulk air cooler tender and continued procurement of underground equipment.
-- Continuation of detailed design and engineering of the
underground mine infrastructure and layout.
-- Commissioning of the 29 km 132kV bulk power supply powerline by the end of the year.
DIAMOND MARKET
The diamond market continued its strong performance during the
second quarter of 2022 with minor price corrections observed. Solid
market fundamentals supported diamond prices despite growing
concerns of a global economic slowdown as high levels of reported
inflation persisted and governments respond with increasingly
forceful measures in attempts to reduce it to sustainable
levels.
A cautious economic outlook combined with the uncertainty caused
by geopolitical events, including the conflict in Ukraine and
continuing implications of the COVID-19 pandemic (specifically in
China where the demand for diamonds has not yet recovered) remain a
risk to diamond pricing trends in the short term but the
longer-term price outlook remains positive.
The benefits of the committed sales agreement with HB continued
to be realized during the second quarter of 2022 as the Company
participated in the upside to manufacturing polished diamonds for
goods delivered in previous quarters. The integrated approach,
using state of the art scanning and planning technology has further
enhanced the final achieved polished outcome for very large (+50
carat polished) and high value diamonds, a critical production
segment for the Company.
FINANCIAL HIGHLIGHTS
Three months Six months ended
ended June 30, June 30,
In millions of U.S. dollars, 2022 2021 2022 2021
except carats or otherwise noted
----------------------------------- ---------------- ------- ----------------- --------
Revenues 52.3 46.3 120.5 99.4
Operating expenses (17.0) (15.1) (34.9) (34.8)
Net income for the period 12.5 6.0 31.5 9.4
Earnings per share (basic) 0.03 0.02 0.07 0.02
Earnings per share (diluted) 0.03 0.01 0.07 0.02
Operating cash flow per share(1) 0.05 0.05 0.13 0.11
Cash on hand 40.8 13.7 40.8 13.7
Amounts drawn on working capital
facility - 50.0 - 50.0
Amounts drawn on project finance
facility 65.0 - 65.0 -
Karowe Revenue 50.0 45.9 117.2 98.9
Average price per carat sold
($/carat)(2) 557 552 631 510
Carats sold 66,167 68,806 146,462 160,540
(1) Operating cash flow per share before working capital adjustments is a non-IFRS measure.
See "Use of Non-IFRS Performance Measures" below.
(2) The Company's revenue is primarily generated from the sale of Karowe diamonds. The average
price per carat sold presented in this table relates exclusively to the sale of Karowe diamonds
and excludes top-up payments received during the quarter. Also excluded is the value of diamonds
purchased from third parties and sold by the Company through Clara. See Table 2 in the Q2
2022 MD&A for additional information.
QUARTERLY RESULTS OF OPERATIONS - KAROWE MINE, BOTSWANA
UNIT Q2-22 Q1-22 Q4-21 Q3-21 Q2-21
Sales
Revenues from the sale of
Karowe diamonds US$M 50.0 67.2 56.5 72.5 45.9
Karowe carats sold Carats 66,167 80,295 102,791 117,162 68,806
Average price per carat
- excluding top-ups(1) US$ 557 690 436 596 552
Production
Tonnes mined (ore) Tonnes 1,091,192 811,947 610,072 1,190,856 900,660
Tonnes mined (waste) Tonnes 357,764 482,104 276,263 696,907 787,227
Tonnes processed Tonnes 719,207 666,488 705,877 738,986 726,379
cpht
Average grade processed(2) (*) 12.0 12.6 12.8 13.2 13.9
Carats recovered Carats 86,317 83,917 90,634 97,412 101,330
Costs
Operating expense per Karowe
carat sold(3) US$ 221 212 200 193 211
Margin (mining operations)
per Karowe carat sold US$ 336 478 236 403 341
Operating cost per tonne
of ore processed(4) US$ 28.78 27.80 29.74 29.73 27.51
Capital Expenditures
Sustaining capital expenditures US$M 4.1 0.8 9.1 3.4 2.4
Underground expansion project(5) US$M 29.1 31.1 21.8 32.0 22.6
--------------------------------- ------- --------- ------- ------- --------- -------
(*) carats per hundred tonnes
(1) Previously presented as $418 (Q4 2021), $588 (Q3 2021) and
$522 (Q2 2021) per carat, respectively.
(2) Average grade processed is from direct milling carats and
excludes carats recovered from re-processing historic recovery
tailings from previous milling.
(3) Previously presented as $224 (Q1 2022), $217 (Q4 2021), $198
(Q3 2021) and $219 (Q2 2021) per carat, respectively.
(4) Operating cost per tonne of ore processed is a non-IFRS
measure.
(5) Excludes qualifying borrowing cost capitalized in each
quarter since Q4 2021.
2022 OUTLOOK
This section of the press release provides management's
production and cost estimates for 2022. These are "forward-looking
statements" and subject to the cautionary note regarding the risks
associated with forward-looking statements. No changes were made to
the Company's 2022 Guidance as of Q2 2022. In February 2022, based
on updated expectations for revenue in 2022, the diamond revenue
guidance issued was increased to between $195.0 million and $225.0
million (from $185.0 million to $215.0 million). Diamond revenue
guidance does not include revenue related to the sale of
exceptional stones (an individual rough diamond which sells for
more than $10 million), or the Sethunya.
Karowe Diamond Mine Full Year -
2022
In millions of U.S. dollars unless otherwise
noted
------------------------------------------------------ -----------------
Diamond revenue (millions) (revised as of February
2022) $195 to $225
Diamond sales (thousands of carats) 300 to 340
Diamonds recovered (thousands of carats) 300 to 340
Ore tonnes mined (millions) 3.1 to 3.5
Waste tonnes mined (millions) 1.5 to 2.1
Ore tonnes processed (millions) 2.6 to 2.8
Total operating cash costs(1) including waste $29.50 to $33.50
mined(2) (per tonne processed)
Botswana general & administrative expenses including $3.50 to $4.00
marketing costs (per tonne processed)
Tax rate(3) 0%
Average exchange rate - USD/Pula 11.0
------------------------------------------------------ -----------------
(1) Operating cash costs are a non-IFRS measure. See "Non-IFRS
Financial Performance Measures".
(2) Includes ore and waste mined cash costs of $5.75 to $6.25
(per tonne mined) and processing cash costs of $12.00 to $13.00
(per tonne processed).
(3) The Company is subject to a variable tax rate in Botswana
based on a profit and revenue ratio which increases as profit as a
percentage of revenue increases. The lowest variable tax rate is
22% while the highest variable tax rate is 55% (only if taxable
income were equal to revenue). Capital expenditures are deductible
when incurred. With planned capital expenditures of up to $110
million for the UGP, a tax rate of 0% is forecast for 2022. Should
capital expenditures vary from plan, the Company could be subject
to current tax.
In 2022, the Company's revenue forecast assumes that 100% of the
carats recovered will come from the higher value M/PK(S) and
EM/PK(S) units within the South Lobe in accordance with the mine
plan.
The assumptions for carats recovered and sold are consistent
with achieved performance in recent years. The number of tonnes
processed is also consistent with recent achievements, noting that
actual tonnes processed in 2021 was about 6% higher than 2020 due
to improving plant reliability because of the success of the
preventative maintenance plan that has been implemented.
Waste tonnes that were deferred in 2021 as other mining areas in
the open-pit were prioritized are expected to be caught up in
between 2022 and 2024. The estimated processing cost per tonne
processed is higher than previous years, reflecting expected
inflationary pressure on labour and commodity costs.
In 2022, capital costs for the underground expansion are
expected to be up to $110 million and will focus on the
commencement of main shaft sinking activities, the commissioning of
the bulk power supply 132 kV line and substations and detailed
engineering for the underground development. Sustaining capital and
project expenditures are expected to be up to $17 million with a
focus on completion of a community sports facility, dewatering
activities and an expansion of the tailings storage facility.
Lucara Botswana's progressive tax rate computation allows for
the immediate deduction of operating costs, including capital
expenditures, in the year in which they are incurred. Based on the
updated 2022 revenue guidance of $195 million to $225 million and
assuming the underground development expenditures are incurred, the
expected tax rate will be 0% for 2022.
CONFERENCE CALL
CONFERENCE CALL
The Company will host a conference call and webcast to discuss
the results on Thursday, August 11, 2022 at
7:00 a.m. Pacific, 10:00 a.m. Eastern, 3:00 p.m. UK, 4:00 p.m.
CET.
CONFERENCE CALL
Please call in 10 minutes before the conference call starts and
stay on the line (an operator will be available to assist you).
Conference ID:
7733206 / Lucara Diamond
Dial-In Numbers:
Toll-Free Participant Dial-In North America (+1) 800 289 0720
UK Toll free 0 800 279 6877
Local (+1) 647 484 0258
Webcast:
To view the live webcast presentation, please log on using this
direct link: https://app.webinar.net/OnWVxNl9gv0
The presentation slideshow will also be available in PDF format
for download from the Lucara website ( Link to presentation ).
Conference Replay:
A replay of the conference call will be available two hours
after the completion of the call until August 18, 2022.
Replay number (Toll Free North America) (+1) 888 203 1112
Replay number (Local) (+1) 647 436 0148
The passcode for the replay is: 7733206 #.
On behalf of the Board,
Eira Thomas
President and Chief Executive Officer
Follow Lucara Diamond on Facebook , Twitter , Instagram , and
LinkedIn
For further information, please contact:
Tetiana Konstantynivska Investor Relations & Communications
+1 604 674 0272| info@lucaradiamond.com
Sweden Robert Eriksson, Investor Relations & Public
Relations
+46 701 112615 | reriksson@rive6.ch
UK Public Relations Charles Vivian / Jos Simson, Tavistock
+44 778 855 4035 | lucara@tavistock.co.uk
ABOUT LUCARA
Lucara is a leading independent producer of large exceptional
quality Type IIa diamonds from its 100% owned Karowe Diamond Mine
in Botswana. The Karowe Mine has been in production since 2012 and
is the focus of the Company's operations and development
activities. Clara Diamond Solutions Limited Partnership ("Clara"),
a wholly-owned subsidiary of Lucara, has developed a secure,
digital sales platform that uses proprietary analytics together
with cloud and blockchain technologies to modernize the existing
diamond supply chain, driving efficiencies, unlocking value and
ensuring diamond provenance from mine to finger. Lucara has an
experienced board and management team with extensive diamond
development and operations expertise. Lucara and its subsidiaries
operate transparently and in accordance with international best
practices in the areas of sustainability, health and safety,
environment, and community relations. Lucara has adopted the IFC
Performance Standards and the World Bank Group's Environmental,
Health and Safety Guidelines for Mining (2007). Accordingly, the
development of the Karowe underground expansion project ("UGP")
adheres to the Equator Principles. Lucara is committed to upholding
high standards while striving to deliver long-term economic
benefits to Botswana and the communities in which the Company
operates.
The information is information that Lucara is obliged to make
public pursuant to the EU Market Abuse Regulation and the Swedish
Securities Markets Act. This information was submitted for
publication, through the agency of the contact person set out
above, on August 10, 2022 at 3:30pm Pacific Time.
NON-IFRS FINANCIAL PERFORMANCE MEASURES
This news release refers to certain financial measures, such as
adjusted EBITDA, adjusted operating earnings, operating cash flow
per share, operating margin per carat sold and operating cost per
tonne of ore processed, which are not measures recognized under
IFRS and do not have a standardized meaning prescribed by IFRS.
These measures may differ from those made by other corporations and
accordingly may not be comparable to such measures as reported by
other corporations. These measures have been derived from the
Company's financial statements, and applied on a consistent basis,
because the Company believes they are of assistance in the
understanding of the results of operations and financial position.
Please refer to the Company's MD&A for the three months ended
June 30, 2022 for an explanation of non-IFRS measures used.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain of the statements made and contained herein and
elsewhere constitute forward-looking statements as defined in
applicable securities laws. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as "expects", "anticipates", "believes",
"intends", "estimates", "potential", "possible" and similar
expressions, or statements that events, conditions or results
"will", "may", "could" or "should" occur or be achieved.
Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made,
and they are subject to a number of known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievement
expressed or implied by such forward-looking statements. The
Company believes that expectations reflected in this
forward-looking information are reasonable, but no assurance can be
given that these expectations will prove to be accurate and such
forward-looking information included herein should not be unduly
relied upon.
In particular, forward-looking information and forward-looking
statements in this news release may include, but are not limited
to, information or statements with respect to the equity and
project debt financings, the intended use of proceeds, the
Company's ability to comply with the terms of the Facilities which
are required to construct the Karowe UGP, that expected cash flow
from operations, combined with external financing will be
sufficient to complete construction of the Karowe UGP, that the
estimated timelines to achieve mine ramp up and full production
from the Karowe UGP can be achieved, the economic potential of a
mineralized area, the size and tonnage of a mineralized area,
anticipated sample grades or bulk sample diamond content, future
production activity, the future price and demand for diamonds,
future forecasts of revenue and variable consideration in
determining revenue, estimation of mineral resources, exploration
and development plans, cost and timing of the development of
deposits and estimated future production, permitting time lines,
currency exchange rates, success of exploration, requirements for
and availability of additional capital, capital expenditures,
operating costs, timing of completion of technical reports and
studies, tax rates, timing of drill programs, government regulation
of operations, environmental risks and ability to comply with all
environmental regulations, reclamation expenses, title matters
including disputes or claims, limitations on insurance coverage,
negotiations and agreements among the Company and the Botswana Mine
Workers Union, the completion of transactions and timing and
possible outcome of pending litigation, the profitability of Clara
and the Clara Platform, and the scaling of the digital platform for
the sale of rough diamonds owned by Clara, the benefits to the
Company of diamond supply agreements with HB and the ability to
generate better
prices from the sale of the Company's +10.8 carat production as
a polished stone.
There can be no assurance that such forward looking statements
will prove to be accurate, as the Company's results and future
events could differ materially from those anticipated in this
forward-looking information as a result of those factors discussed
in or referred to under the heading "COVID-19 Global Pandemic" in
the Company's most recent MD&A and under the heading "Risks and
Uncertainties" in the Company's most recent Annual Information
Form, both available at http://www.sedar.com, as well as changes in
general business and economic conditions, the ability to continue
as a going concern, changes in interest and foreign currency rates,
changes in inflation, the supply and demand for, deliveries of and
the level and volatility of prices of rough diamonds, costs of
power and diesel, impacts of potential disruptions to supply
chains, acts of foreign governments and the outcome of legal
proceedings, inaccurate geological and recoverability assumptions
(including with respect to the size, grade and recoverability of
mineral reserves and resources), and unanticipated operational
difficulties (including failure of plant, equipment or processes to
operate in accordance with specifications or expectations, cost
escalations, unavailability of materials and equipment, government
action or delays in the receipt of government approvals, industrial
disturbances or other job actions, adverse weather conditions, and
unanticipated events relating to health safety and environmental
matters).
Accordingly, readers are cautioned not to place undue reliance
on these forward-looking statements which speak only as of the date
the statements were made, and the Company does not assume any
obligations to update or revise them to reflect new events or
circumstances, except as required by law.
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END
IR FBLLFLVLZBBB
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