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LUCARA DIAMOND CORP. ANNOUNCES EXTENDED DIAMOND SALES AGREEMENT WITH HB
LUCARA DIAMOND CORP. ANNOUNCES EXTENDED DIAMOND SALES AGREEMENT WITH HB Canada ...
About this update from Lucara Diamond Corp.
[{"type":"text","content":"\n \n \n \n LUCARA DIAMOND CORP. ANNOUNCES EXTENDED DIAMOND SALES AGREEMENT WITH HB\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 Nov. 16, 2022\n \n \n /CNW/ - (TSX: LUC), (BSE: LUC), (Nasdaq Stockholm: LUC)\n \n \n Lucara Diamond Corp. (\"Lucara\" or the \"Company\") is pleased to announce today that it has entered into an extended diamond sales agreement (the \"Agreement\") with Lucara Botswana (Proprietary) Limited (\"Lucara Botswana\"), and HB Trading BV (\"HB\"), for the purpose of selling +10.8 carat rough diamonds produced from Lucara's Karowe mine until\n \n December 31\n \n , 2032.  Lucara first partnered with HB in 2020 to sell Karowe's large, high value diamonds, which have historically accounted for approximately 60% to 70% of Lucara's annual revenues.  The Agreement extends this arrangement for ten years.\n \n PDF Version\n \n \n \n Under the Agreement, Lucara's +10.8 carat production is sold at prices based on the estimated polished outcome of each diamond, determined through state-of-the-art scanning and planning technology, with a true up paid on actual achieved polished sales thereafter, less a fee and the cost of manufacturing. The Agreement is consistent with the terms of the previous arrangement with HB, with refinements to more accurately reflect how the parties have been working together.\n \n \n The pricing mechanisms of the Agreement with HB results in complete transparency within the value chain, creating important alignment between all participants in the value chain, and delivering regular cash flow at superior prices for this important segment of our production profile.\n \n \n \n Eira Thomas, CEO commented, \"It has been more than two years since Lucara initiated this transformational approach to sales of its' highest value diamonds, working in collaboration with HB to create alignment along the value chain, differentiating diamonds from Karowe on the basis of provenance, excellence in manufacturing and a commitment to complete transparency for all sta...