Mining Strong: Namdia, Petra and Lucapa Report on Their Performances

Namdia, Namibia’s state-owned diamond marketing firm, achieved a remarkable 63% revenue increase, reaching a record $210 million, IDEX Online reports. Namdia is responsible for selling 15% of the run-of-mine production from Namib Desert Diamonds (Namdeb), a joint venture between De Beers and the Namibian government. The company reported a gross profit of $42 million, marking a nearly 55% rise from the previous fiscal year.

In other mining and revenue updates, UK-based mining company Petra experienced a sharp decline in revenue in its latest tender, with figures almost halved compared to its previous tender. During Tender 2, which took place in September and October, Petra raked in $40.5 million – a 49% decrease from the $79.3 million achieved in Tender 1 held in August, IDEX Online reports.

Meanwhile, Lucapa Diamond Company shared its third-quarter performance, describing a strong quarter, as quoted by Mining Weekly. Lucapa’s Mothae mine in Lesotho, of which it owns 70%, saw a 19% year-on-year increase, producing 9,010 carats. In the same period, Lucapa sold 6,836 carats from Mothae, marking a 5% year-on-year increase, with revenue up by 12% year-on-year to $5.5 million. Lucapa anticipates recovering 29,500 carats of diamonds from Mothae for the full year.

In Angola, Lucapa’s Lulo mine, where the company holds a 40% stake, experienced reduced carat recovery and revenue in the third quarter. Carat recovery at Lulo decreased by 42% year-on-year to 7,578 carats, and rough diamond revenue dropped by 56% year-on-year to $9.1 million. Despite these challenges, Lucapa aims to recover 31,000 carats of diamonds at Lulo for the full year.

Lucapa said it expected to achieve an average price of $1,000 per carat for Mothae rough diamonds and $2,300 per carat for Lulo diamonds for the full year.

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