JOHANNESBURG (miningweekly.com) – The consistent recovery and sale of high-quality stones from its Karowe mine, in Botswana, has provided Lucara Diamond Corporation with a significant cash balance of $210.8-million as at June 30, compared with the $74-million cash balance at the end of the six months to June 2015.

During the first six months of this year, 340 special stones larger than 10.8 ct were recovered at Karowe. This included 12 stones larger than 100 ct.

Lucara earned revenues of $191.4-million from the sale of 155 190 ct in the six months under review, compared with revenue of $67.8-million earned in the first half of 2015.

Revenue for the six months under review excluded $8.3-million of proceeds received post-period for the company’s June tender.

Lucara on Friday pointed out that the higher interim revenues were the result of the sale of the 813 ct Constellation diamond, which sold for $63.1-million, in May; and an exceptional stone tender held in the second quarter of this year that generated $51.3-million in proceeds, or $33 632/ct.

The Canada-based diamond miner is also still assessing options for the sale of the 1 109 ct Lesedi La Rona diamond, which went unsold at a Sotheby’s auction in June. The diamond had been expected to sell for $70-million but bids did not meet the minimum reserve price.

In line with the company’s dividend policy of paying special dividends based on revenues generated and the company’s overall financial position, Lucara in July announced a special dividend of C$0.45 a share to shareholders in addition to the quarterly dividend of C$0.015 a share to be paid on September 15.

Meanwhile, a project to increase the top size of diamonds recoverable by the existing Large Diamond Recovery (LDR) circuit at Karowe is on track for commissioning in the third quarter of this year.

Lucara’s Mega Diamond Recovery (MDR) circuit is in the detailed design phase, with the procurement of long-lead items complete.

The company expects to invest between $15-million and $18-million of capital expenditure on modifications to the LDR circuit and the installation of the MDR circuit this year.

Karowe is expected to produce more than 350 000 ct for the full year.