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LUCARA ANNOUNCES A NEW MULTI-YEAR DIAMOND SALES AGREEMENT WITH HB ANTWERP
LUCARA ANNOUNCES A NEW MULTI-YEAR DIAMOND SALES AGREEMENT WITH HB ANTWERP Canada NewsWi...
About this update from Lucara Diamond Corp.
[{"type":"text","content":"\n \n \n \n LUCARA ANNOUNCES A NEW MULTI-YEAR DIAMOND SALES AGREEMENT WITH HB ANTWERP\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Feb. 18, 2024\n \n \n /CNW/ - (TSX: LUC) (BSE: LUC) (Nasdaq Stockholm: LUC)\n \n Please view PDF version\n \n \n \n Lucara Diamond Corp. (\"Lucara\" or the \"Company\") is pleased to announce that it has entered into a new diamond sales agreement (\"NDSA\") with HB Group out of Antwerp, Belgium (\"HB\"), in respect of all qualifying diamonds produced in excess of 10.8 carats in size from its 100% owned Karowe Diamond Mine in Botswana.\n \n \n Under the terms of the 10-year NDSA with HB, the purchase price paid for Lucara's +10.8 carat rough diamonds shall be based on the mutual agreement of the estimated polished outcome, determined through state-of-the-art scanning and planning technology, together with external benchmarks and more than a decade of Lucara's special stone sales data. A further sales value uplift (\"top-up\") will be paid to Lucara based on actual achieved polished sales thereafter, less a fixed margin payable to HB. This pricing mechanism is expected to deliver regular cash flow for this important segment of the Company's production profile at better than conventional diamond industry tender prices.\n \n \n The anticipated benefits of the NDSA to Lucara include:\n \n \n \n Regular cashflow to Lucara in support of the ongoing development of the Karowe Underground Project.\n \n \n Significant potential revenue upside, especially for large complex rough diamonds, based on historical performance, providing a premium on diamond sales benefiting all Karowe Mine stakeholders.\n \n \n Ongoing alignment with the Government of\n \n Botswana's\n \n strategy to diversify downstream, and participate in the upside of polished diamond revenue.\n \n \n Streamlined diamond evaluation, sales reporting and payment mechanisms.\n \n \n The creation of an efficient and restructured, large and high quality diamond supply chain which has the potential o...