Lucara Sells Digital Sales Platform to ex-CEO

Canadian miner Lucara has sold Clara, its digital sales platform

Canadian miner Lucara has sold Clara, its digital sales platform, to former CEO Eira Thomas and a group led by the Vancouver-based HRA Group of Companies.

The move gives Clara’s new owners the freedom to sell other diamonds, in addition to those produced by Lucara at its Karowe mine, in Botswana. It also allows Lucara to focus on the underground expansion of the mine.

Thomas, who stood down last August as Lucara CEO, led the commercialization of the Clara. She said it was designed to disrupt the way diamonds are traded after a century of inefficiency and inflexibility.

Clara’s new owners – HRA and Thomas – will pay $3m in cash and return 10,000,000 Lucara common shares initially issued as partial consideration when Lucara originally acquired the platform in 2018.

“We are excited about the opportunity to realize its full potential, which remains largely unexplored,” said Aaron Ariel, managing director and original founder of Clara.

“We believe it will become the industry’s premier global rough-diamond marketplace. We look forward to partnering with stakeholders throughout the supply chain who share our vision for a healthier, more transparent, and, last but certainly not least, a more profitable industry for all.”

Lucara will retain a 3% net profit interest on Clara’s net earnings and has granted Clara a five-year rough diamond supply agreement for stones meeting the size and quality specifications historically sold through the Clara platform.

Lucara’s larger stones – those over 10.8-cts – are sold via HB Antwerp as part of an ongoing 10-year agreement. They account for around 70 per cent of the company’s revenue.

William Lamb, president and CEO of Lucara, said: “The divestiture of Clara enables us to intensify our strategic focus on maximizing returns and long-term value creation at our world-class Karowe diamond mine in Botswana.

“While the Clara platform provides an innovative digital channel for rough diamond sales, the successful onboarding of other producers’ rough production required to scale the platform, remains unattainable while the platform is owned by a pure-play diamond producer.”

Source: Idex

LUCARA RECOVERS EPIC 2,492 CARAT DIAMOND FROM THE KAROWE MINE

LUCARA RECOVERS EPIC 2,492 CARAT DIAMOND FROM THE KAROWE MINE
LUCARA RECOVERS EPIC 2,492 CARAT DIAMOND FROM THE KAROWE MINE

Lucara Diamond Corp. (“Lucara” or the “Company”) is thrilled to announce the recovery of an exceptional 2,492 carat diamond from its Karowe Diamond Mine in Botswana. This remarkable find, one of the largest rough diamonds ever unearthed, was detected and recovered by the Company’s Mega Diamond Recovery (“MDR”) X-ray Transmission (“XRT”) technology, installed in 2017 to identify and preserve large, high-value diamonds. The stone was recovered from the processing of EM/PK(S) kimberlite, the dominant ore type that Lucara will continue to target during the first years of the Company’s underground mining operations.

This discovery underscores Karowe’s reputation as a world-class asset and reaffirms Lucara’s position as a leading producer of large, exceptional diamonds. This latest recovery joins an impressive roster of other significant finds from the mine, including the 1,758 carat Sewelô and the 1,109 carat Lesedi La Rona.

William Lamb, President and CEO of Lucara, commented on this historic discovery: “We are ecstatic about the recovery of this extraordinary 2,492 carat diamond. This find not only showcases the remarkable potential of our Karowe Mine, but also upholds our strategic investment in cutting-edge XRT technology. The ability to recover such a massive, high-quality stone intact demonstrates the effectiveness of our approach to diamond recovery and our commitment to maximizing value for our shareholders and stakeholders.”

Mr. Lamb added, “This discovery reinforces Karowe’s position as a truly world-class diamond mine and highlights the continued success of our operational and underground development strategy.”

Botswana’s diamond industry delivers wide-ranging socio-economic benefits to the country that extend well beyond the mining sector. Its influence supports national development by funding critical areas such as education and healthcare.

This discovery symbolizes Botswana’s continued ascent as a global leader in diamond production. It represents not only the unparalleled wealth found in Botswana’s soil, but also the remarkable progress the nation has made in developing its diamond industry for the benefit of its citizens.

This news release has been reviewed and approved by Dr. Lauren Freeman, PhD. Pr. Sci. Nat., Vice-President, Mineral Resources of the Company and a “Qualified Person” for the purposes of National Instrument 43-101.

On behalf of the Board,

William Lamb

Lucara Diamond revives sales deal with gem trader HB Antwerp

Lucara Diamond has revived a gem sales agreement with polishing and trading company HB Antwerp, it said on Monday, five months after severing ties with the Belgian business.

Canadian miner Lucara said it will supply HB Antwerp with rough diamonds of 10.8 carats and above for 10 years from last December.

Lucara had terminated its relationship with HB Antwerp last September because of what it said was “a material breach of financial commitments”.

HB Antwerp declined to comment on the matter at the time and did not respond immediately to a request for comment on Monday.

Botswana, where Lucara mines diamonds at its Karowe project, has been reassessing plans to acquire 24% of HB Antwerp.

The two companies’ first diamond sales agreement was struck in 2020 and extended for 10 years in 2022.

Lucara said the purchase price for rough stones in its revised deal would be based on mutual agreement of the estimated value of polished diamonds, with a further payment based on actual achieved polished sales.

The pricing mechanism is expected to deliver regular cash flow, Lucara said.

“This partnership reflects our commitment to ensuring stability and sustainability in our operations,” said Lucara chief executive William Lamb.

Source: mining.com