Lucara Diamond (TSX:LUC) Unearths 1,094-Carat Rough Diamond from Karowe Mine

2 min read | September 16, 2024 10:54 PM EDT | By Team Kalkine Media

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Lucara Diamond (TSX:LUC) Unearths 1,094-Carat Rough Diamond from Karowe Mine — Image source: Company presentation

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Lucara Diamond Corp. (TSX:LUC) has announced a significant discovery at its Karowe mine in Botswana with the recovery of a 1,094-carat rough diamond. This find marks the sixth diamond exceeding 1,000 carats that the company has unearthed at Karowe since it began operations in 2012. The discovery follows the August 2024 announcement of a monumental 2,492-carat diamond, one of the largest ever found, and a 692-carat stone revealed in August 2023, which fetched over US$13 million. Lucara Diamond has been producing and selling diamonds from its wholly-owned Karowe mine since 2012.

Lucara Diamond is partnering with HB Antwerp to polish the newly discovered stone, further solidifying its reputation as a leading producer of large, high-quality diamonds. According to the company’s news release, this latest find underscores Karowe's exceptional potential and enhances Lucara’s status in the high-end diamond market.

The ongoing underground expansion project at Karowe is designed to extend the mine’s operational life beyond 2040. This strategic move aligns with Lucara’s forecast that demand for natural diamonds will surpass supply in the long term. Despite this optimistic outlook, the company has faced fluctuations in revenue and profitability over the past five years, including two years of net income losses.

Lucara anticipates diamond revenue between US$220 million and US$250 million for 2024, not accounting for stones valued above US$10 million. This projection reflects the company’s confidence in its ability to achieve sustainable growth, driven by its continued discoveries of high-value diamonds.

William Lamb, President and CEO of Lucara Diamond, highlighted the significance of the 1,094-carat diamond in a recent statement: “The recovery of this exceptional diamond is a testament to Karowe’s remarkable potential and further validates our investment in the underground expansion project. These continued discoveries of large, high-value diamonds demonstrate the consistent quality of our resource and its ability to deliver substantial returns. As we progress with our underground development, we’re increasingly confident in Karowe’s capacity to produce these legendary diamonds well into the future, cementing our position in the high-end diamond market.”

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