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Lucapa Increases Merlin's Revenue Expectations

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As a result of the rise in raw diamond prices, Lucapa Diamond Company has increased its overall revenue prediction for the Merlin mine over the next 14 years by a factor of two.

The Australian miner reevaluated its prognosis in light of the strong demand and limited supply scenario that is presently playing out in the market, which has resulted in a 42 percent increase in the price of rough diamonds, the company said on Wednesday.

According to the most recent projections, revenue for the life of mine will be AUD 2.3 billion ($1.66 billion), higher than the AUD 1.6 billion ($1.16 billion) that the firm initially estimated in December.

“The rough-diamond prices estimated in the scoping study...were based on...indexing historic rough prices achieved by previous owners Rio Tinto and Ashton up to 2003,” the company explained. “Post-publication, primarily due to an anticipated shortage in future natural rough-diamond production required to meet forecast retail consumption, the demand for natural rough diamonds has risen significantly and prices have increased rapidly.”

According to the corporation, the price increase has caused them to revise their forecasts.

Lucapa intends to produce 2.1 million carats from Merlin over the course of 14 years, however it believes it will be able to continue operating the deposit for an extended period of time.

According to Lucapa managing director Stephen Wetherall,“There are clear opportunities to deliver additional value through mineral-resource extensions, underground development and exploration, as there are a significant number of anomalies on our tenements that have the potential to deliver new source discoveries,”

Lucapa also owns the Lulo mine in Angola and the Mothae site in Lesotho, as well as the Brooking lamproite exploration project in Australia and the Orapa exploration project in Botswana, both of which are under development.

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