Unearthing greatness: Lucara’s latest Botswana diamond discovery shines bright at 1,094 carats
(The Post News)- Lucara Diamond Corp has made another significant discovery at its Karowe mine in Botswana, unearthing a 1,094-carat diamond. This remarkable gem, while smaller than the record-breaking 2,942-carat stone found in August, is still an impressive one-third the size of the legendary Cullinan Diamond.
The Karowe mine, renowned for producing giant stones, has now yielded six diamonds over 1,000 carats. The latest discovery bears striking similarities to a 692-carat diamond sold last year for $13 million. HB Antwerp, Lucara’s manufacturing partner, will polish the latest gem.
CEO William Lamb expressed confidence in Karowe’s ability to produce high-value diamonds, stating that the consistent quality of their resource will deliver substantial returns. The mine’s transition from open pit to underground operations is expected to yield more significant discoveries, cementing Lucara’s position in the high-end diamond market.
The company’s shares surged over 30% last month following the initial mammoth discovery, demonstrating the market’s confidence in Lucara’s potential. The Karowe mine has a storied history, having been previously owned by De Beers and African Diamonds. Lucara’s acquisition of the mine has proven fortunate, with the company’s recent discoveries solidifying its reputation as a leading diamond producer.
The latest find further validates the company’s $683 million underground expansion plans, which will extend the mine’s life until at least 2040. As Lucara advances its underground expansion, its confidence grows in Karowe’s long-term potential to yield exceptional diamonds. With its consistent quality and substantial returns, Lucara is poised to maintain its position in the high-end diamond market.
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