LUCARA DIAMOND
Exceptional Find Solidifies Karowe’s Position Among World’s Best
PRODUCTION: Jamie Waters
In August 2024, when Lucara Diamond found a 2492-carat rough diamond at its Karowe mine in Botswana, everyone in the company was delighted. This find will result in energy and excitement on site, and further investment into Botswana from HQ in Canada. The industry continues to show its value in a country where it has become a backbone.
© Lucara Diamond
INDUSTRY FOCUS: MINING
© Lucara Diamond
//In Botswana’s Central Region, far from the bustle of Gaborone, and more than 240 km from the noise of Francistown, is a large expanse of dust and salt – a rural area with little life away from the wildlife and shrubs. But dotted through the baron landscape are small hives of activity. This region
// WE ARE ECSTATIC
is home to Botswana’s diamond mining industry and the highly productive Orapa Kimberlite Field. From here, recent success has drawn the attention of the world. Under the African sun, and beneath the African soil, for billions of years a sparkling gem like no other was formed and then discovered by Lucara Diamond at its Karowe Mine.
Lucara Diamond is a Canadian firm headquartered in Vancouver. It began operations at the Karowe Mine in 2012, quickly building status as a leading global supplier of large, high quality, Type IIA diamonds. From here, in hot, humid and arid central Botswana, famous stones have been
unearthed. The 1758-carat Sewelô, the 1109-carat Lesedi La Rona, and the 813-carat Constellation (sold for a record US$63.1 million) are all product of Karowe and the Botswanan team on site. Cristiano Ronaldo wore a brooch containing a 33-carat diamond cut from a 110-carat rough stone pulled from Karowe when he participated in the recent UEFA Champions League draw showcasing the beauty of Botswanan stones on the global stage.
PRECIOUS STONE
Karowe means ‘precious stone’ in the local language. And this name is apt, proven in the mines most recent breakthrough. On August 21, Lucara
Diamond announced to the market what locals had been excited about. An exceptional 2492 carat had been discovered – labelled as the second largest ever found behind only the Cullinan, from South Africa in 1905. The largest ever pulled from Botswanan soil, all parties were thrilled.
“We are ecstatic about the recovery of this extraordinary 2492 carat diamond,” said President and CEO, William Lamb, a mining industry veteran. “This find not only showcases the remarkable potential of our Karowe Mine, but also upholds our strategic investment in cutting-edge XRT technology. The ability to recover such a massive, high-quality stone intact demonstrates the effectiveness of our
approach to diamond recovery and our commitment to maximizing value for our shareholders and stakeholders.”
Detected and recovered by Lucara’s Mega Diamond Recovery (MDR) X-Ray Transmission (XRT) technology - which was installed in 2017 to identify and preserve large, high-value diamonds - the stone is a symbol of the heights the local industry has reached in terms of value extracted and technology developed thanks to significant investments from regional and international sources.
In 2023, Lucara announced that it would forge ahead with a previously developed plan to move mining at Karowe underground. Delayed, and overshadowed by cost
LUCARA DIAMOND
overruns, there was speculation about the project’s viability. But the firm said it had the required support and would push ahead. Labelled the Karowe Underground Project (UGP), major investment will see the life of mine extended to 2040 and additional $4 billion in revenues expected to be delivered (using conservative diamond pricing).
“The Karowe underground mine expansion provides access to the highest value portion of the orebody responsible for delivering numerous record-breaking diamonds in respect of size and value, including three diamonds in excess of 1000 carats. The project remains highly economic, despite the delays incurred, and as
© Lucara Diamond
INDUSTRY FOCUS: MINING
Lucara’s largest shareholder, we remain fully supportive of the company,” said Adam Lundin, Board Member at Lucara Diamond Corporation and Lundin Mining Corporation, among others.
WORLD CLASS MINE
Technology is a key differentiator for Lucara in Botswana. The country is home to the world’s second largest diamond mining industry (20% of global supply), behind only Russia, and it is through investment from the private sector, and organisations like Lucara, that mining tech has thrived. Ore from the mine is processed
through a vibrating grizzley and then a primary crusher before coarse screening and feeding into secondary crushing. Larger deposits are fed straight into the MDR XRT. Then, product moves to hand sorting. After secondary gyratory crushing, various tech is used to mill, sort, crush, and screen further before the XRT is used to sort the remaining bulk. Finally, magnetic and x-ray recovery are used alongside dense media separation to bring about a final collection of valuable minerals.
During processing of EM/ PK(S) kimberlite, the dominant ore type that Lucara will continue to
target during the first years of the company’s underground mining operations, the technology picked up the latest extraordinary stone before the local team in Boteti – the smallest area in the Central Region – confirmed the stone’s status.
“This discovery reinforces Karowe’s position as a truly worldclass diamond mine and highlights the continued success of our operational and underground development strategy,” said Lamb.
“It symbolises Botswana’s continued ascent as a global leader in diamond production. It
© Lucara Diamond
// THIS DISCOVERY REINFORCES KAROWE’S POSITION AS A TRULY WORLD-CLASS DIAMOND MINE AND HIGHLIGHTS THE CONTINUED SUCCESS OF OUR OPERATIONAL AND UNDERGROUND DEVELOPMENT STRATEGY //
represents not only the unparalleled wealth found in Botswana’s soil, but also the remarkable progress the nation has made in developing its diamond industry for the benefit of its citizens,” the company added.
Lucara invests in Botswana in a big way. It builds communities, it develops economic success, and it moves people out of poverty. By employing local people, investing in local skills, and creating campaigns that
ensure impact will be felt long after the diamond mine is gone, Lucara has developed a solid relationship with its hosts and the Botswana government. The money generated from diamonds found here goes back into the country. before the diamond mining industry was active in Botswana there was just 12km of paved road. Now, there is more than 7000km. Before diamond mining began here, the average life expectancy at birth was just 36. Now,
through investment in healthcare initiatives and hospitals, that figure is 66 years – a drastic improvement in a relatively short period of time. Currently, any mining firm that opens in the country must accept the government as a shareholder, and there is a process underway to ensure that, if the government does not exercise this right then a 24% stake must go to a local firm.
Reports from various industry onlookers suggest that Lucara’s latest find could be worth more than $40 million. This, for the Central Region, with its wide open landscape and very natural feeling, is quite the coup and will not be the last impressive stone to come from Karowe.
