Burgundy Diamond Mines reported significant developments in its third quarter of 2024, including the recovery of its 100 millionth carat at the Ekati mine after 26 years of production. The company mined 0.80 million tonnes of ore and processed 1.12 million tonnes, producing 1.24 million carats. Despite a decrease in recovery to 2023, sales reached 1.42 million carats, generating a total revenue of 118 million dollars at an average price of 83 dollars per carat. The company also repaid 23.2 million dollars in debt, which increased its cash position to 72.4 million dollars.
Lucapa Diamond, another mining company, reported stable carat production from its Lulo diamond mine despite adjustments in the mining plan due to flooding in Q3 of 2024. The company processed more gravel, resulting in revenue of 16.9 million dollars from selling 5.587 carats at an average price of 3.033 dollars per carat, an 86% increase from the same quarter the year before. Additionally, Lucapa completed a divestment of its stake in the Mothae mine in Lesotho while ramping up operations in high-value mining blocks.
Mountain Province Diamond saw a production decrease in Q3 of 2024, recovering 1.187.912 carats, 10% lower than the same quarter last year, with an average grade of 1.24 carats per tonne – despite the decline in production sales for the quarter, which reached 69.4 million dollars from 679.599 carats sold, the average price per carat dropped to 102 dollars from 126 dollars in Q3 2023.
De Beers’s rough diamond production noticed a significant decline in Q3 2024, recovering 5.6 million carats, down 25% year-over-year, primarily due to lower demand and higher inventory levels. Botswana experienced the most substantial drop, with a 32% decrease to 4.0 million carats, while South Africa saw a 41% increase in production, reaching 0.5 million carats. Trading conditions were challenging, leading to a decrease in sales volumes to 2.1 million carats, generating 213 million dollars in revenue compared to 899 million dollars in Q3 2023. Despite the decline in sales and production, the year-to-date average realised price rose by 4% to 160 dollars per carat, shifting towards higher-value rough diamonds being sold.
Rio Tinto’s diamond operations showed varied performance, with Q3 2024 production at the Argyle mine down 1% to 168.000. Meanwhile, the company continues ramping up its diamond production in Canada, contributing to a production total of 1.6 million carats for the quarter. Rio Tinto is also progressing on its decarbonisation initiatives, supporting the long-term sustainability of its diamond operations.
Gem Diamonds recovered 24.678 carats from its Letseng mine in Q3, slightly down from their Q2 results. The period did offer significant finds, with five diamonds over 100 carats, which makes thirteen the year total to date. The company achieved an average price of 1.603 dollars per carat, an increase from the previous quarter. A notable highlight was the sale of a 10.98-carat pink diamond, which achieved 45.537 dollars per carat.
Lucara‘s Q3 2024 delivered exceptional results with record-breaking diamond recoveries and key operational milestones. The Karowe mine yielded two extraordinary stones over 1,000 carats, including a 2,488-carat diamond and a 1,094-carat diamond, showcasing the mine’s unique potential. The quarter also saw the sale of 116,221 carats, generating $44.3 million in revenue, and the successful divestment of Clara Diamond Solutions. Safety remains paramount, with Karowe operating over three years without a lost time injury. Additionally, substantial progress was made on shaft sinking for the Karowe Underground Expansion Project, aiming to extend the mine’s life. President & CEO William Lamb stated that “the recovery of an unprecedented 2,488-carat diamond demonstrates the exceptional quality of our Karowe asset.” Lucara’s achievements this quarter underscore its commitment to excellence, innovation, and long-term growth.
Photo credits: Envato Elements
