“We recovered two extraordinary diamonds this year, including the epic 2,488-carat diamond and the 1,094-carat diamond” – President and CEO
GAZETTE REPORTER
Lucara Diamond Corp has unveiled its operational outlook for 2025, setting ambitious targets that underscore its commitment to sustainability and innovation.
In a recently released statement, the company outlined its plans to build on the success of its flagship Karowe Mine in Botswana while emphasising the progress of its underground mining project, which is poised to extend the mine’s life well into the next decade.
Advanced technologies
William Lamb, Lucara’s President and CEO, lauded the company’s achievements in 2024. “To-date in 2024, Lucara has achieved remarkable milestones at its Karowe Mine in Botswana, successfully meeting and exceeding all production targets,” he stated.
Lamb highlighted the role of advanced extraction technologies in maintaining the mine’s reputation for delivering exceptional quality diamonds.
“We recovered two extraordinary diamonds this year, including the epic 2,488-carat diamond and the 1,094-carat diamond,” he added, underscoring the mine’s status as a key supplier of high-value stones.
Outlook for 2025
Lucara projects diamond revenues of $195 million to $225 million for 2025, with diamond sales ranging between 360,000 and 400,000 carats. The company anticipates ore processing of up to 2.9 million tonnes and total waste mining of up to 200,000 tonnes.
The underground mining project is expected to drive further growth, with up to $115 million allocated for its advancement. Sustaining capital expenditures are forecast at $13 million, focused on upgrading key equipment and infrastructure.
The company’s revenue model assumes that 79% of carats will be sourced from the South Lobe of the mine, known for its high-value stones. According to Lamb, this strategic focus reflects Lucara’s dedication to sustainable practices and operational efficiency.
“We have demonstrated substantial progress in reducing operational costs and improving sustainable mining practices,” he said.
Shaft completion
Lucara’s underground project is central to its long-term strategy, aiming to extend Karowe’s life beyond 2040. Significant progress was made in 2024, including shaft sinking and lateral development, with key milestones such as ventilation shaft completion ahead of schedule.
Full-scale underground production is slated for 2028, but preliminary results indicate strong returns on investment. “Shaft sinking activities will reach final depth in 2025, and we are on track to commission permanent winders and equip production infrastructure,” said Lamb.
The company – which is a global leader in diamond mining – plans to tender contracts for lateral development and underground equipment purchases by year-end, signalling confidence in its ability to meet projected timelines.
Tailings storage
Lucara’s focus on sustainability is evident in its planned investments in tailings storage and pit steepening activities to extend South Lobe extraction. “Sustainability isn’t just a buzzword for us – it’s integral to how we operate and grow,” Lamb said.
The company’s continued investments in Botswana’s mining industry reflect its commitment to fostering local economic development.
Lamb concluded: “Lucara remains dedicated to creating value not only for our shareholders but also for the communities we serve.”