Lucara Recovers 123-Carat Stone, is Using New Tech to Mine Old Ore

Mining and Exploration
19/09/2019 11:47

Lucara Diamond Corp. has recovered a 123-carat gem quality top white Type II diamond from its 100% owned Karowe Diamond Mine located in Botswana. The miner also recently recovered a 375-carat gem quality diamond at Karowe from the processing of historic DMS recovery tailings, generated prior to the incorporation of Lucara's XRT diamond recovery circuits. 

The Karowe mine continues to deliver a strong production performance for the year to date, recovering 22 individual diamonds from direct milling ore weighing more than 100 carats, including 6 greater than 200 carats, as well as the historic 1,758 carat Sewelô diamond, the largest ever diamond to be recovered in Botswana. The reprocessing of historic DMS recovery tailings (pre-XRT circuit) is ongoing. They not that their processing of these tailings does not displace the direct feed ore, but rather supplements overall production. For the year to date, from all processing, the mine has produced 29 diamonds larger than 100 carats, including 8 larger than 200 carats.

On August 29, Lucara closed its third diamond tender sale of the year. The miner notes that "despite challenging market conditions, the tender was extremely well attended with a total of 123 companies attending and 47 companies winning one or more tender lots." In the three completed tenders of the year, Lucara has sold a total of 19 diamonds in excess of $1 million USD, including 7 sold for more than $2 million and one for more than $8 million. They say the revenue received was in line with expectations and in line with the Company meeting the yearly guidance of $170 to $200 million in revenue.  

"Lucara is pleased with the continued strong performance of the mine and the consistent recovery of large, high quality diamonds that contribute more than 70% of Lucara's total revenues," said Lucara CEO Eira Thomas. Attendance at our sales remains high, a testament to our well-established client base and Karowe's production profile, which continues to be well regarded and sought after in the marketplace. This is further evidenced by our growth with the client base for Clara which has grown from 4 to over 20 customers since the beginning of the year. Ramp up continues on plan, with transactions now occurring bi-weekly."