Lucapa Diamond Company reported a net loss of $1.5 million for 2024, significantly improving from its $17.2 million loss in 2023.
The company attributed the decline to lower diamond prices, production disruptions, and challenging market conditions.
Lucapa’s annual revenue dropped 31% to $54.5 million, reflecting a weaker pricing environment. Operations at the Lulo mine in Angola were impacted by flooding, while geopolitical and economic uncertainties further pressured diamond prices.
The company also faced infrastructure challenges, including a mismanaged river crossing project that hindered access to key mining areas.
Despite these challenges, Lucapa recovered 25,341 carats from Lulo and sold 27,364 carats at an average price of $1,980 per carat.
The mine produced five diamonds over 100 carats during the year. Prior to its sale in July, the Mothae mine in Lesotho produced 19,839 carats.
To strengthen its financial position, Lucapa raised $1.9 million through a share placement and purchase plan.
Moving forward, the company is focused on stabilizing operations at Lulo, advancing the Merlin project, and navigating ongoing diamond market volatility.
