Lucara Diamond recovers ‘exceptional’ 257 ct gem
TORONTO (miningweekly.com) – Southern Africa-focused Lucara Diamond Corp has recovered a 257 ct diamond from its Karowe mine, in Botswana, bringing the total number of diamonds weighing more than 50 ct this year to 47.
Of those, 14 were larger than 100 ct.
The new heavyweight would be sold on tender in the fourth quarter, the company said in a statement.
Triple-listed Lucara said its mining efforts had been focused on the centre and south lobes of the AK6 kimberlite over the past six months.
“The Karowe mine continues to outperform with the consistent recovery of large, high-value diamonds. The recovery of this magnificent 257 ct diamond, along with the recovery of a significant parcel of larger stones over the past six months, strengthens our understanding of the resource at Karowe,” said president and CEO William Lamb, who on Thursday was appointed an independent member of Canadian exploration firm North Arrow Minerals.
Revenues generated from the sale of these diamonds would be used to reduce debt and strengthen Lucara's balance sheet.
The company also closed its sixth rough diamond tender for the year, where all lots were sold with “very strong” results, which would be reported in the third-quarter results, due out in November.
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