Lucara Diamond (TSX: LUC), a prominent player in the diamond industry, has made yet another remarkable discovery at its Karowe diamond mine in Botswana. The recently found diamond, an awe-inspiring 692.3-carat gem, measures 46.5 by 40.7 by 28.4 mm. This remarkable Type IIa high white gem was extracted from the South Lobe region of the mine.
This incredible find closely follows the recovery of another noteworthy gem earlier this month: a Type IIa white top gem weighing a staggering 1,080 carats. These remarkable discoveries emphasize the mining prowess of Lucara and the abundant potential of the Karowe mine.
William Lamb, the CEO of Lucara, 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 emphasized 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.
Interestingly, William Lamb, who held the position of Lucara CEO from 2011 to 2018, has resumed his role as CEO, 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.
An update provided in July shed light on the Karowe underground expansion project, revealing an adjusted preproduction cost of US$683 million, a 25% increase from the previous estimate of US$547 million. Consequently, the commencement of underground production is postponed to the first half of 2028 from the initially projected second half of 2026.
Karowe's reputation for yielding extraordinary and high-value diamonds remains strong, with past notable finds such as the 1,758-carat Sewelô (2019), a 1,174-carat diamond (2021), and the 1,109-carat Lesedi La Rona (2015).
This string of impressive discoveries underscores Lucara's dedication to advancing diamond mining and its ongoing commitment to uncovering these natural treasures from within the earth.
