LOM as a trade, page-173

OK, I can't see any difference between the May figures and the Africa Down Under Preso, both for Lulo and Mothae. I'm assuming those numbers were just pulled from the May guidance and not updated, despite the monster Lulo sale at the end of June.

So Mothae won't met the May guidance for margin, despite revenue guidance relatively unchanged from produced carats down 15%, due to $/ct up slightly, and I'm guessing some cut and polish revenue. Attributable OPEX blew out by $4M for some reason for which I can see no explanation. Any thoughts?

So fair call if you wish to describe not hitting guidance as 'going backwards'.

Lulo, however, well, EBIDTA guidance has pretty much doubled. Forecast gross revenue is about $US 70M. Current guidance is 28-30,000 ct gross. Sale price guidance up by USD 1,000 per carat! Take out the 620 ct for the 7 diamonds sold in June for $US 21M and you get about 28,000 ct sold for $US 49M, or $1750/ct, which is upper end of May guidance.

And I know the broken record about repatriation of funds.

However, it seems pretty clear that big diamond recoveries are now considered BAU and not 'material' events.

Looking forward to the Sept quarterly, will be interesting to see if that thesis is correct and we see the list of big diamonds for the last 3 months.