Lucara Diamond’s Karowe underground expansion project, which seeks to extend the mine life to at least 2040, is forecast to contribute about $4 billion in additional revenues, using conservative diamond prices.
The miner said following the financial close of the $220 million senior secured project debt financing in September 2021, the company's board formally approved the project, which has a $534 million capital cost and a five-year construction period.
Mine ramp-up is expected in the first quarter of 2026 with full production from the underground project expected in the second half of 2026.
It said $86.3 million was spent during the year ended December 31, 2021, primarily about engineering and procurement of long-lead items.
Lucara also said that it will commission four main sinking winders, complete the steel headframe structure for the production and ventilation shafts.
It will continue with the detailed design and engineering of the underground mine infrastructure and layout.
The company will commission a 29 km 132kV bulk power supply powerline by December 2022.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
Exclusive
Dmitry Fedorov: I want our jewelry to be displayed at a museum in the future
Dmitry Fedorov is the founder of the eponymous jewelry house. His main focus is the creation of Orthodox-inspired premium luxury jewelry of high artistic merit. He told Rough&Polished about his journey in the jewelry industry, about choosing the ‘Orthodox...
28 october 2024
Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki
The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...
14 october 2024
James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration
London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...
07 october 2024
Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products
Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...
30 september 2024
Paul Zimnisky: China key for sustained recovery in demand for natural diamonds, prices
The curtailing of upstream and midstream natural diamond production in the past months is starting to have an effect on prices, according to the New-York-based independent diamond and jewellery analyst and consultant, Paul Zimnisky. He told Rough & Polished’s...
23 september 2024
