The Motley Fool

Lucapa Diamond share price up as it boasts of $1.6m profit

Angola-based diamond miner Lucapa Diamond Co Ltd (ASX: LOM) this morning revealed a net profit of US$1.1 million (A$1.6 million) on sales of US$29.4 million for the half year ending June 30, 2019. This is a big improvement on the US$4.3 million loss reported in the prior corresponding half year period.

Over the half the miner’s flagship Lulo mine contributed diamond sales of US$22.1 million at US$3,668 carat. Lulo has now produced Angola’s two biggest recorded diamonds weighing 404 carats and 227 carats. The company co-owns shares in the Lulo and Mothae mines with local investors, which means it effectively only takes a share of sales reported.

Over the second half it’s planning on production expansion at the Lulo mine and a focus on higher margin diamond zones at its Lothae mine.

This morning the shares are 3.3% higher at 15.5 cents to give the company a market value of $76.8 million based on 495.9 million shares on issue.

Another junior Africa-focused miner on the local market is AVZ Minerals Ltd (ASX: AVZ).

One ASX Stock For An Estimated $US22 Billion Marijuana Market

A little-known ASX company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.

And make no mistake – it is coming. To the tune of an estimated $US22 billion.

Cannabis legalisation is sweeping over North America, and full legalisation arrived in Canada in October 2018.

Here's the best part: we think there's one ASX stock that's uniquely positioned to profit immensely from this explosive new industry... taking savvy investors along for what could be one heck of a ride.

AND, this is the first time The Motley Fool Australia has EVER put a BUY recommendation on a marijuana stock.

Simply click below to learn more on how you can profit from the coming cannabis boom.

Click here to find out more

 

Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

NEW. Five Cheap and Good Stocks to Buy in 2019…

Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading near a 52-week low all while offering a 2.8% fully franked yield…

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.

CLICK HERE FOR YOUR FREE REPORT!