Lucara to Invest up to $18M on Large Diamond Recovery Process

Mining and Exploration
03/12/2015 10:13

Following the discovery of a 1,111-carat stone, the largest diamond to be found for 100 years, as well as an 813-carat stone and a 374-carat diamond, Lucara says it will invest between $15 million and $18 million on an additional large diamond recovery process at its Karowe mine in Botswana. The move is due to the fact that the current process circuit has been designed to recover diamonds to a maximum size of up to 1,000 carats. The miner made the decision "based on the recent recoveries of very large diamonds and the expected continuation of recoveries of exceptionally large diamonds in the south lobe" of the project.

The firm said it projects revenue of US$200 million to US$220 million  and will institute a "progressive dividend policy in 2016 with the aim of maintaining or increasing the Canadian dollar dividend per share each year."