Lucara Diamond has published an updated report on the progress of its underground expansion project at Karowe diamond mine in Botswana.
The expansion will extend the life of the mine to at least 2040 and contribute $4 billion in additional revenues. Mine ramp up is expected in 2026 with full production from underground to be reached in the second half of that year.
The company invested $106 million in 2022 in underground development. Main shaft sinking activities ramped up near the end of last year, but equipment and operational challenges stretched cycle times. The company addressed these issues by changing equipment and personnel, optimizing the shift and rotation schedule, and introducing a new safety training program.
“The Karowe diamond mine completed its tenth year of continuous operations and successfully delivered on all of its financial and operating metrics, including safety, production, processing, sales and revenues, with costs trending below guidance and continued access to sufficient liquidity in support of our growth plans,” Lucara CEO Eira Thomas commented.
The Karowe mine is owned 100% by Lucara.
Photo Credit: Lucara