Lucara Diamond has recently found a 692.3-carat rough diamond from its 100-percent owned Karowe diamond mine in Botswana. The diamond measuring 46.5 by 40.7 by 28.4 mm is described as a Type IIa high white gem, recovered from the EM/PK(S) unit in the South Lobe region of the mine, known for its large, high-quality rough, said Lucara Diamond.
The diamond represents the fourth diamond over 300 carat recovered year to date and shortly follows on the recovery of the 1,080 carat Type IIa white top gem earlier in August. The other three notable recoveries since 2015 include the 1,758 carat Sewelô (2019), a 1,174-carat diamond (2021), and the 1,109 carat Lesedi La Rona (2015). These remarkable discoveries emphasise the mining prowess of Lucara and the abundant potential of the Karowe mine.
William Lamb, CEO of Lucara Diamond, expressed his excitement in a news release, revealing that this particular discovery marks the 20th diamond surpassing 100 carats recovered in 2023 at Karowe. He emphasised the significance of unearthing large diamonds from the EM/PK(S) lithology of the South Lobe, which further validates their expectations for the upcoming underground project. This project anticipates a substantial proportion of mined material to originate from this phase of kimberlite during the initial years of underground production.
William Lamb, who held the position of Lucara Diamond’s CEO from 2011 to 2018, has resumed his role as CEO recently in August, succeeding Eira Thomas. Thomas, a founder of the company in 2007, introduced innovative strategies during her tenure, including a diamond sales partnership with HB Antwerp for diamonds exceeding 10.8 carats and the development of the Clara digital sales platform.
Lamb will lead the continued development of Karowe’s underground expansion. The miner invested $683 million in the project, a 25-percent increase from the previous estimate of $547 million, which it believes will extend the mine’s life until at least 2040, fifteen years beyond the original 2025 closure date.
Underground production will be delayed to the first half of 2028, rather than the second half of 2026 when it was originally scheduled.
In its most recent results, Lucara Diamond announced a 21-percent drop in its second-quarter revenue to $41.1 million amid a slowdown in market demand. Profit slid 60 percent to $5 million. (Photo courtesy: Lucara Diamond)
29/08/2023
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