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Lucara to complete Karowe shaft with $115m in 2025

Lucara Diamond has released its operating guidance for 2025, highlighting progress at its Karowe Mine in Botswana, following a record-breaking year in 2024 where it exceeded production goals and discovered two historic diamonds over 1,000 carats.

The 2025 forecast includes diamond revenues of up to $225 million, significant progress in its underground mining project, and a commitment to sustainability and cost efficiency. With a focus on extending Karowe’s life beyond 2040, Lucara’s outlook for the coming year reflects a bold vision for the future.

William Lamb, Lucara’s President and CEO, commented on the 2024 progress noting that, “To date in 2024, Lucara achieved remarkable milestones at its Karowe Mine in Botswana, successfully meeting and exceeding all production targets. The company’s strategic focus on the underground mining project showed significant advancement, with shaft depths reaching new records,“ said Lamb.

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“Further, our innovative extraction technologies are once again proving the quality of the resource through the recovery of two exceptional diamonds larger than 1,000 carats, including the epic 2,488-carat diamond and the 1,094-carat diamond. We have also demonstrated substantial progress in reducing operational costs and improving sustainable mining practices.”

For 2025, the company’s revenue forecast assumes that 79% of recovered carats will come from the South Lobe, the sale of its diamond inventory, and the remaining carats from the Centre Lobe, generating revenue between $195 and $225 million. The South Lobe material, though lower grade, has a higher weight percentage of stones over 10.8 carats.

The company plans to mine between $195 and $225 million tonnes of combined ore and water in 2025, processed with stockpiled materials. The assumptions for carats recovered and sold align with plant performance. Stockpiled material from working and life-of-mine stockpiles will continue mill feed until 2027 when Karowe underground project (UGP) development ore is scheduled to offset stockpiles with high-grade ore from the underground development.

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Mining Review Africa
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Mining Review Africa

Mining Review Africa is a platform promoting advancement and sustainable development in African mining, providing insights on technology, finance, and industry trends through engagement with mining companies and suppliers.