Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Lucara underground expansion project will take longer, and cost more money

19 july 2023

Lucara Diamond’s underground expansion project (UGP) at the Karowe mine in Botswana has been delayed by a year and a half, and the capital cost to complete it has gone up by $136 million.

The UGP, which seeks to extend mine life to at least 2040, will now only be finished by the first half of 2028 rather than the originally projected date of the second half of 2026.

As a result, estimated expenditures to finish the project rose by 25% to $683 million from the May 2022 estimated capital cost of $547 million.

Lucara said capital expenditures of $264.5 million had been incurred and capital commitments of $369.7 million had been made as of June 30, 2023.

“Schedule delays due to longer than anticipated grouting activity have impacted the project timeline, however, the grouting methodology selected has proven to be effective in controlling water inflows,” said company chief executive Eira Thomas.

“As we transition out of the sandstones early in the fourth quarter of 2023, we look forward to meeting planned sinking rates.”

Grouting programmes took longer than expected due to a combination of high-water volumes in the sandstone lithologies between 870 and 752 metres above sea level in depth (144 metres to 262 metres below the shaft collar) combined with technical challenges associated with the transition to main sinking.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished