Lucara’s Latest Find Is 341 Carats

Gaborone, Botswana—Lucara Diamond Corp. recently announced the recovery of another large, high-quality rough stone from its Karowe Diamond Mine in Botswana.

Late last week, the diamond miner reported the mine had yielded a 341-carat gem-quality diamond it described as top white in color.

Lucara recovered the diamond over the holiday period from the milling of ore sourced from the southwestern quadrant of the South Lobe M/PK(S) unit, a sector that has produced a number of large, high-quality diamonds in the past.

The 341-carat diamond is the 54th diamond over 200 carats to come out of the mine since 2015.

Lucara CEO Eira Thomas said the company is “extremely pleased” to start off 2021 with the recovery of a large, gem-quality stone.

“The consistent recovery of these large diamonds is a testament to the continued strong resource and plant performance at Karowe and underpins our rationale for moving forward with the underground expansion program,” she said.

Lucara is looking to secure financing for that program, which is expected to take five years and cost $514 million.

Expanding Karowe from an open-pit to an underground operation is forecast to extend the mine’s life for at least another 13 years.

Currently, resources at the open pit are expected to be depleted by 2026; the underground expansion will take it to 2040.

The Botswana government recently granted the company’s application to renew the mining license for the site, which Thomas called an “important milestone” in moving forward with the underground project.

It took effect earlier this month and is valid for a period of 25 years, securing Lucara’s right to mine at Karowe until 2046.