Lucara Spent P300m on Karowe Mine’s Underground Development in Q2 2023

  • Mine yielded 90,497 carats (compared to 86,317 carats in Q2 2022)
  • Unearthed a total of 162 special diamonds during this period
  • 13 diamonds exceeded 100 carats, 4 surpassed 200 carats in weight


Lucara Diamond Corporation has expended $22.5 million (equivalent to approximately P302 million) on advancing the underground expansion (UGP) of the Karowe Diamond Mine during the second quarter of 2023.

This expenditure was primarily allocated to ongoing construction endeavours, as detailed in the quarterly report just released by the prominent player in Botswana’s mining industry.

Throughout the three-month period ending on 30 June 2023, the company extracted a total of 0.7 million tonnes of ore (compared to 1.1 million tonnes in Q2 2022) and 0.9 million tonnes of waste (compared to 0.4 million tonnes in Q2 2022).


In tandem with this, the mine yielded 90,497 carats (compared to 86,317 carats in Q2 2022), exhibiting a recovered grade of 12.6 carats per hundred tonnes of directly processed milled ore (in contrast to 12.0 carats per hundred tonnes in Q2 2022).

Notably recognised for its retrieval of ‘specials,’ referring to diamonds surpassing 10.8 carats in size, Lucara displayed its expertise by unearthing a total of 162 special diamonds during this period.

This impressive feat encompassed 13 diamonds exceeding 100 carats, with four of them surpassing 200 carats in weight. These extraordinary discoveries accounted for 6.6 percent of the total recovered carats from processed ore during Q2 2023, a slight increase from 6.1 percent in Q2 2022.

Solid results

President and CEO of Lucara Diamond Corporation, Eira Thomas, remarked on the company’s performance, stating: “In Q2, Karowe continued to deliver solid results according to plan.

“As our operations recommenced in the south lobe, the proportion of special diamonds – those exceeding 10.8 carats – escalated. This period saw the retrieval of 13 stones surpassing 100 carats, which will be meticulously polished and slated for sale in the latter half of this year.

Despite adjustments to our projected timeline and budget due to the expansion’s rebase, resulting in a cost increase of approximately 25 percent, our surface stockpiles remain sufficient to ensure full mill capacity utilisation.

“Consequently, the project maintains its economic resilience. It is worth noting that our principal shareholder continues to lend unwavering support to this expansion initiative.”