Sponsored by Tasha R
Botswana Mine That Produces Big Diamonds Granted Extension
The Botswana government granted Lucara’s application to renew the license for the Karowe Mine through 2046.
Gaborone, Botswana—The government of Botswana has given the Karowe mine the green light to continue to operate for the next 25 years, owner Lucara Diamond Corp. announced last week.
The country’s Minister of Mineral Resources, Green Technology and Energy Security has granted renewal of the site’s mining license.
It took effect Jan. 4 and is valid for a period of 25 years, securing Lucara’s right to mine at Karowe until 2046.
RELATED CONTENT: Lucara Looking to Double Life of Botswana’s Karowe Mine
Lucara said the renewal and extension of the site’s mining license is a critical step in taking the mine underground.
Determined in 2019 to be feasible, the Karowe underground expansion project is estimated to cost $514 million and take five years.
If it moves forward, the project is expected to yield its first ore in 2026, the same year by which the mine’s open-pit reserves will be depleted.
The expansion will extend the life of the mine to 2040.
Lucara is still in in need of financing to take Karowe underground but said last week it expects to have that in place by the second half of the year.
“The receipt of our mining license renewal and extension to 2046 is an important milestone for the Karowe underground expansion project, paving the way for the completion of a supplemental debt financing and full project sanction later this year,” President and CEO Eira Thomas said.
“Lucara is grateful for the confidence and support demonstrated by the government of Botswana as we work to expand our operations at Karowe underground.”
RELATED CONTENT: Q&A—11 Questions With Naseem Lahri
Karowe is known for producing large, high-quality diamonds.
It yielded the 1,109-carat “Lesedi La Rona,” the second largest gem-quality rough diamond ever unearthed, in 2015 and, more recently, a 1,758-carat rough diamond Lucara is having cut, polished and turned into jewelry in partnership with HB Antwerp and Louis Vuitton.
The Latest
Three Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
A federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.
From protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
Cynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
The new space was designed to evoke a warm, inviting vibe.
Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
This fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
The auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
The four finalists will present their pieces at the 2025 JCK Las Vegas show.
The “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
The money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
The event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
Local reports identified the woman as the wife of the jewelry store owner.
A collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
The Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
Hampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
The group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
The collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
This year’s theme asks designers to take inspiration from classic fairy tales.
Senior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
The latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
No. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
Sotheby’s sold the necklace, which potentially has ties to Marie-Antoinette, for $4.8 million to a woman bidding via phone.
Instead of its usual elaborate display, the store will illuminate its façade and frame the windows to highlight its flagship’s architecture.