Lucara Diamond breaks records with massive discoveries at Karowe mine in Botswana

Published: 2025-02-26 09:01:39 ET LUC.TO

Key takeaways

Lucara Diamond achieved record production in 2024, thanks largely to exceptional finds at the Karowe mine in Botswana. The company processed 2.9 million tons of ore, surpassing the previous year's figure of 2.8 million tons. This led to the extraction of 807 "specials" - diamonds over 10.8 carats - a significant increase from the 602 mined in 2023. These large stones accounted for 7.6 percent of the total carats produced, up from 5.3 percent in the previous year.

Two notable diamonds unearthed at Karowe in 2024 were the 2,488-carat Motswedi and the 1,094-carat Seriti. Motswedi, discovered in August, is the largest diamond found in the past century. The name means "water source" in Setswana and symbolizes life-giving water coming from the earth. The Seriti diamond, unearthed in September, means "aura" or "presence" and reflects cultural identity and heritage.

The company sold 399,215 carats, generating $203.9 million in revenue - an impressive 18 percent increase from last year's $172.4 million. CEO William Lamb highlighted the continued performance of the Karowe mine and highlighted the recovery of the seventh diamond of 1,000+ carats.

Underground expansion and operational history

Lamb also noted that steady progress is being made on Karowe's underground expansion project, with the sinking of the shaft being a major milestone. This expansion is expected to begin commercial production in early 2028.

During its operational history, Karowe has produced some of the world's most remarkable diamonds, including the Sewelô (1,758 carats), Lesedi La Rona (1,109 carats) and Constellation (813 carats). Karowe is also known for producing Botswana's largest fancy pink diamond to date, the Boitumelo. The mine remains one of the most profitable diamond mines worldwide, producing an average of 300,000 carats of high-quality diamonds annually.

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