11-11-2019
Lucara Diamond Corp’s feasibility study indicated that an underground expansion of its Karowe mine in Botswana, which is expected to extend the operation’s life for 20 years — until 2040 with estimated production of US$7.8 million carats.
Originally, the lifespan of Karowe is until 2025. The doubled lifespan expansion requires an estimated pre-production cost of US$514 million, is expected to pay for itself in less than three years. Lucara President and CEO Eira Thomas said it will generate more than US$5.25 billion in gross revenue.
The mine produced 15 diamonds exceed 300 carats, including two greater than 1,000 carats in just seven years of production. 10 diamonds were sold for over US$10 million each, including the record-setting 813-carat Constellation at US$63.1 million.