Lucara sells two exceptional diamonds for $54m

1 080 ct Eva Star diamond

Diamond miner Lucara Diamond Corp has sold the 549 ct Sethunya and the 1 080 ct Eva Star diamonds, recovered at its Karowe mine, in Botswana, for $54-million.

The Sethunya, recovered in 2021, and the Eva Star, discovered in 2023, showcase the remarkable quality and size of diamonds consistently produced from the South Lobe of the Karowe kimberlite. These exceptional stones underscore Karowe’s position as one of the world’s most prolific sources of large, high-value diamonds, Lucara states.

“The sale of these two extraordinary diamonds further validates our investment in the Karowe underground project. The unique characteristics of Karowe’s kimberlite, particularly in the South Lobe, continue to amaze us with its ability to produce diamonds of exceptional size and quality. The mineralogy we’re seeing is truly unprecedented in the industry, consistently delivering Type IIa diamonds of remarkable clarity and size,” adds president and CEO William Lamb.

The 549 ct Sethunya diamond

The Karowe mine has yielded some of the world’s largest diamonds, including the 1 758 ct Sewelô, recovered in 2019; a 1 174 ct diamond recovered in 2021; and the 1 109 ct Lesedi La Rona, recovered in 2015.

The 1 080 ct Eva Star diamond was the fourth diamond weighing more than 1 000 ct to be recovered at the mine.

This was followed by the recovery of the 2 492 ct Motswedi diamond in August last year and the 1 094 ct Seriti diamond in September last year.

The 2 492 ct Motswedi is the second-largest diamond ever to be recovered, with the largest being the 3 106 ct Cullinan diamond recovered in South Africa in 1905.

The Karowe underground expansion project will extend the mine’s life beyond 2040 and has been designed to access the parts of the South lobe at depth where the EMPKS ore type is prevalent.

Production at the underground mine is scheduled to start in the first half of 2028.

Source: miningweekly.com

Lucara names two largest diamonds found in 2024

2,492 CARAT DIAMOND
2,492 CARAT DIAMOND

Lucara Diamond has unveiled the names chosen of the two largest diamonds recovered this year at its prolific Karowe mine in Botswana.

The 2,488 carat diamond found in August has been named Motswedi, meaning “water spring” or “the flow of underground water that surfaces to bring life and vitality” in the local Setswana language.

The 1,094 carat diamond recovered in September is now known as Seriti, which translates to “aura” or “presence” in Setswana. The name carries deep cultural significance, reflecting identity and legacy.

Lucara said the two diamonds were not just geological phenomena, but a testament to the “incredible potential” of Karowe and the company’s innovative approach to diamond recovery.

“Each stone tells a story millions of years in the making, and we are humbled to be the custodians of these remarkable gems as they prepare to enter the global market,” president and chief executive officer, William Lamb, said in the statement.

1,094 carat diamond

To honor the community’s involvement, Lucara awarded the winner of the Motswedi naming competition 100,000 Pula (about $7,325), while the winner for Seriti received 50,000 Pula ($3,660). Both winners will also be invited to tour the Karowe mine.

Lucara said it was considering sale options for both diamonds.

Motswedi and Seriti are two of six diamonds weighing more than 1,000 carat that Lucara has recovered at its Karowe mine since operations began. These include the 1,758-carat Sewelô in 2019, the 1,109-carat Lesedi La Rona in 2015, and the 813-carat Constellation, also in 2015.

Karowe is also credited for having yielded Botswana’s largest fancy pink diamond to date, the Boitumelo.

The mine remains one of the world’s highest-margin diamond mines, producing an average of 300,000 high-value carats each year.

Source: Mining.com

Lucara releases Q3 results, diamond mine shaft-sinking progress

Lucara Diamond Corp. said the long-term natural diamond price outlook remains resilient due to favourable supply and demand dynamics as a result of decreasing production volumes from major operating mines.

“However, the smaller size stones market remains soft as demand is impacted by a weak Asian market and the increasing uptake of laboratory grown diamonds,’’ Lucara said in a press release containing its results for the third quarter of 2024.

“Demand for stones larger than 10.8 carats remains robust, as reflected in the company’s sales in the plus 10.8 category,’’ the company said. It said the G7 sanctions on Russian diamonds over one carat, effective March, 2024, caused some trade delays with import times returning to normal during the quarter.

Lucara shares eased 8.7% or $0.04 to 42 cents. The shares trade in a 52-week range of 63 cents and 25 cents.

Lucara is a member of the Lundin Group of companies. Its currently operating open pit mine at Karowe in Botswana is a conventional load and haul operation. The mine is a producer of large, high-value type 2a diamonds. It is the only mine to have produced four diamonds in excess of 1,000 carats in size.

The open pit mine operations are expected to terminate mid-2025. However, the mine currently has over three years of surface stockpiled reserves, which will be consumed as required while the underground mine operations ramp up to commercial production.

During the third quarter, Lucara said significant progress was made in shaft sinking and lateral development connecting the production and ventilation shafts, with the critical path ventilation shaft being ahead of the July 2023 rebase schedule. At the end of the third quarter, the production shaft had reached a depth of 686 metres and the ventilation shaft a depth of 582 metres below surface. During Q3, the company invested $24.1 million into the Karowe Underground Project (UGP). The UGP is designed to access the highest value portion of the Karowe orebody and is expected to extend the life of the mine beyond 2040.

Highlights from the third quarter included the recovery of two exceptional diamonds larger than 1,000 carats, including the epic 2,488-carat diamond and the 1,094-carat diamond. The company said a total of 116,221 carats of diamonds were sold, generating revenue of $44.3 million in the third quarter.

A total of 104,390 carats were recovered in Q3, 2024, including 96,597 carats from direct ore feed from the pit and stockpiles, at a recovered grade of 13.4 carats per hundred tonnes and an additional 7,793 carats recovered from processing of historic recovery tailings.

On October 4, 2024, the company sold its interest in Clara Diamond Solutions Ltd. Partnership, Clara Diamond Solutions B.V., and Clara Diamond Solutions GP. Clara is a secure web-based digital marketplace designed to transact single diamonds between 1.0 and 10 carats, in higher colours and quality.

Source: Resourceworld

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 sixth diamond larger than 1,000 carats at Karowe mine in Botswana

1,094 carat diamond from its Karowe mine in Botswana.

Canada’s Lucara Diamond has dug up a 1,094 carat diamond from its Karowe mine in Botswana.

This is the sixth diamond weighing more than 1,000 carats to be recovered at the mine, and it comes only weeks after the recovery of a 2,492 carat diamond the second-largest diamond ever recovered.

“This remarkable stone bears striking similarities to the 692 carat diamond announced in August 2023, which was polished by HB Antwerp and yielded polished diamonds that sold for in excess of $13 million,” the company said in a press release.

“This newly recovered 1,094 carat stone will also be polished by HB Antwerp, as part of the ongoing partnership between the two companies,” Lucara said.

The Karowe mine has produced several large diamonds in recent years, including the 1,758-carat Sewelô in 2019, the 1,109 carat Lesedi La Rona in 2015, and the 813 carat Constellation, also in 2015. The mine is also credited for having yielded Botswana’s largest fancy pink diamond to date, the Boitumelo.

Botswana is the world’s largest producer of diamonds, and the trade has transformed it into a middle-income nation.

Karowe remains one of the highest margin diamond mines in the world, producing an average of 300,000 high value carats each year.

Shares of Lucara rose 8% by 11:40 a.m EDT in Toronto. The miner has a market capitalization of C$221 million ($162 million).

Source: mining.com

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 sold 76 387 ct during the second quarter

Diamond producer Lucara Diamond Corp sold 76 387 ct of diamonds

Diamond producer Lucara Diamond Corp sold 76 387 ct of diamonds, generating $41.3-million in revenue, during the second quarter ended June 30.

The company recovered 92 419 ct of diamonds at a grade of 12.9 ct for every 100 t of direct milled ore.

Additionally, 8 349 ct were recovered from processing historic recovery tailings. The company recovered 206 special diamonds, defined as rough diamonds weighing more than 10.8 ct, representing 6.9% by weight of the total recovered carats from the second quarter’s processed ore. This aligns with the company’s expectations, Lucara said.

Noteworthy recoveries during the period included a 491 ct Type IIa diamond, a 225.6 ct Type IIa diamond and a 109 ct Type IIa diamond.

Significant progress was made in shaft sinking for the ventilation and production shafts during the second quarter, with the critical path ventilation shaft ahead of the July 2023 rebase schedule. By the end of the quarter, the production and ventilation shafts had reached depths of 557 m below collar and 550 m below collar, respectively.

Operational highlights from the Karowe mine for the quarter included ore and waste mined of 700 000 t, with ore processed totalling 700 000 t.

Financial highlights for the second quarter revealed operating margins of 67%, compared with 59% in the second quarter of 2023. This strong operating margin is attributed to robust pricing for the company’s larger stones and cost reduction initiatives, supported by a strong dollar.

The operating cost was $26.32/t processed, a 6% decrease from $27.97/t in the second quarter of 2023 and consistent with the $26/t in the first quarter of this year.

Lucara believes the impact of inflationary pressures, particularly in labour, was well-managed by the operation, with a strong dollar offsetting a slight increase in costs compared with the previous period.

Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) were $18.8-million, up from $16.5-million in the second quarter of 2023, driven by increased revenue and lower operating expenses.

During the second quarter, the company invested $11.2-million into the Karowe Underground Project (KUP), excluding capitalised cash borrowing costs. The ventilation shaft sank 128 m, and development of the 470-level station, located at about 550 m below collar, began.

Production shaft activities included the sinking of 104 m and the completion of three probe hole covers, with no water being intersected. A total of 26 m of lateral development on the 470-level, along with the 470-level station development, was completed.

As of June 30, Lucara reported cash and cash equivalents of $21.9-million and working capital of $21.7-million. The company had drawn $165-million on the $190-million project facility for the KUP, with an additional $25-million drawn on the $30-million working capital facility and a cost overrun reserve account balance of $37.5-million.

The Karowe mine registered no lost-time injuries during the second quarter, taking the mine to more than three years without a lost-time injury.

“Lucara’s performance this quarter reaffirms our position as a leader in the diamond industry. Our . . . safety and operational excellence [record] continues to drive our success, with both our openpit operations and underground construction progressing admirably. The Underground Expansion Project, in particular, is advancing well, with shaft sinking progress surpassing our expectations,” Lucara president and CEO William Lamb said on August 12.

Lucara noted that, in the diamond market, the long-term outlook for natural diamond prices remains positive owing to improving supply and demand dynamics, largely driven by long-term reductions from major producing mines.

However, the market for smaller-sized diamonds remains soft, impacted by a weak Asian market and the rise of laboratory-grown diamonds.

Lucara said demand for larger diamonds over 10.8 ct remained robust, as reflected in the company’s sales.

However, the G7 sanctions on Russian diamonds over 1 ct, effective March this year, have caused some trade delays owing to new regulations requiring these diamonds to be processed through the Antwerp World Diamond Centre for origin verification.

Lucara, with its established operations producing Botswana diamonds, stands to benefit from this heightened focus on origin verification.

Sales of laboratory-grown diamonds increased steadily through 2023 and into this year, with many smaller retail outlets increasingly adopting these diamonds as a product.

In the second quarter, diamond producer De Beers announced that it would cease creating synthetic diamonds and focus on selling natural diamonds. This decision aligns with several major brands confirming they would not market laboratory-grown diamonds.

Lucara said the long-term impact was expected to support the natural diamond market, with a bifurcation between the natural and laboratory-grown diamond markets expected in the medium term.

The company believes that the longer-term market fundamentals for natural diamonds remain positive, as demand is expected to outstrip future supply, which has been declining globally over the past few years.

Source: miningweekly

Lucara unveils diamond recoveries from Botswana mine

Lucara Diamond Corp. has announced the recovery of a 320-carat, 111-carat, and two +50-carat stones from its 100% owned Karowe Diamond Mine located in Botswana.

These diamonds were recovered from the direct milling of EM/PK(S) kimberlite ore from the South Lobe during a recent production run that saw additional recoveries of numerous, smaller +10.8 carat diamonds of high value.

The 320-carat is a gem-quality, top light brown diamond, while the 111-carat diamond is described as a Type IIa white stone of high quality. The two +50-carat stones add to these recent recoveries and are also Type IIa white diamonds. These recoveries add to the collection of significant diamonds recovered at Karowe and further solidifies Lucara’s reputation as a leader in the recovery of large, high-quality diamonds.

The recoveries from the EM/PK(S) unit highlight the continued success of Lucara’s mining operations at the Karowe Diamond Mine and reinforce the development of the underground mine which will target >95% EM/PK(S) ore during the first three years of underground production. The company’s adoption of advanced diamond recovery technology has enabled the continued identification and retrieval of these extraordinary diamonds and strong resource performance.

William Lamb, President and CEO of Lucara Diamond Corp., commented on the recent discoveries, stating:

“These diamond recoveries from the EM/PK(S) domain of the South Lobe further validate the quality and potential of the Karowe Diamond Mine. We are thrilled with the consistent success we continue to achieve in uncovering large, high-value diamonds, reaffirming Lucara’s position as a leading producer of large high-quality gem diamonds. Our team’s dedication to innovation and operational excellence continues to drive our success, and we look forward to delivering further value to our stakeholders through these extraordinary discoveries.”

Source: globalminingreview

Lucara Recovers 1,174 Carat Diamond from the Karowe Mine in Botswana

1,174.76 carat rough diamond

Lucara Diamond Corp. is pleased to announce the recovery of a 1,174.76 carat diamond from its 100% owned Karowe Diamond Mine located in Botswana.

The diamond, measuring 77x55x33mm, is described as a clivage gem of variable quality with significant domains of high-quality white gem material, and was recovered from direct milling of ore sourced from the EM/PK(S) unit of the South Lobe.

The 1,174 carat diamond represents the third +1,000 carat diamond recovered from the South Lobe of the AK6 kimberlite since 2015 including the 1,758 carat Sewelô and 1,109 carat Lesedi La Rona.

The 1,174.76 carat diamond was recovered in the Mega Diamond Recovery XRT circuit. On the same production day, several other diamonds of similar appearance (471 carat, 218 carat, 159 carat) were recovered at the main XRT circuit, indicating the 1,174 diamond was part of a larger diamond with an estimated weight of > 2000 carats.

The MDR is positioned after the primary crusher, ahead of the autogenous mill, and is the first opportunity for diamond recovery within the circuit.

Lucara to Sell all High-Value Diamonds through HB Group

lucara sewelo

Lucara is to sell all its larger rough diamonds through the Antwerp-based HB Group in what it describes as a “groundbreaking partnership”.

The Canadian miner has a reputation for high-value type IIa diamonds at its Karowe Mine, in Botswana, and was proud to announce its discovery of the 1,758-carat Sewelo (pictured), the world’s second largest diamond, last April.


It has been stockpiling all +10.8 carats, which account for around 70 per cent of its output, since early March.


Now it has announced a unique, new supply arrangement, with purchase prices based on estimated polished outcome, with a true up paid on actual achieved polished sales thereafter, less a fee and the cost of manufacturing. 

 Lucara says it will benefit higher prices than it currently achieves at tender, regular cash flow, and a more efficient supply chain as well as tax benefits and beneficiation opportunities for the Botswana government.


Eira Thomas, CEO said: “Building on the partnership established for the manufacturing of the Sewelô earlier this year, Lucara is pleased to have now secured a broader supply agreement with HB to purchase all of our +10.8 carat rough diamonds, through to year-end. 

“It is our strong view that the success of our industry in these very uncertain times, requires better alignment between producers, manufacturers, and retailers to establish a healthier, more efficient global diamond supply chain.

We are excited to be working with HB to support this new paradigm.”

Source: IDEX