Lucara reports Q3 results and shaft sinking progress 

Lucara Diamond (TSX: LUC; NASDAQ Stockholm: LUC) reported an upbeat third quarter for its Karowe diamond mine in Botswana, starting with the recovery of two exceptional diamond – 1,094 carats and the epic 2,488-carate stone, the second-largest diamond ever recovered. 

The company sold a total of 116,221 carats during the quarter, generating revenue of $44.3 million. (All amounts in U.S. dollars). And there were no lost time injuries during the three months. 

Lucara is taking the Karowe mine from an open pit to underground. The pit will be depleted in 2026 at a depth of 324 metres. Underground development has begun with a target of beginning production early 2028. The switch to underground mining is designed to access the highest-value portion of the orebody, extending the mine life beyond 2040. 

Surface stockpiles will supply mill feed between the two mines. 

The cost of underground development is estimated to be $683 million (including contingency). At the end of September, Lucara had spent $353.5 million and committed to a further $57.4 million. Total 2024 spending on the underground project is expected to be up to $80 million, excluding borrowing costs. 

The production shaft had reached 686 metres below surface at the end of September. The final planned depth will be 770 metres. The permanent man and materials hoists continue. Elsewhere, the ventilation shaft reached 582 metres, and development continued on the 470-level station. The bulk air coolers are complete,  and work continues on underground lateral development. Mining engineering is focused on shaft sinking, underground infrastructure, and finalizing drilling level plans. Orders were placed last month for shaft steelwork orders. 

As underground development moves forward, Lucara plans to sink the production shaft to the 310-level and ventilation shaft to the 335-levels by year-end. Construction of the 470-level station, 670-level electric substation, and sump will be completed. The major components of the underground crusher and dewatering pumps are also expected to arrive on site. 

More information is posted on www.LucaraDiamond.com.