Lucara says production at Botswana diamond mine to start in Q1 2012

Lucara Diamond said the construction of its Karowe Mine, in Botswana is now 90 percent complete with production scheduled for the first quarter of 2012.
The company’s chief executive and president William Lamb told a Mining Indaba that the  contractor commenced production in November, adding that current ore stockpile on site contained 220 000 tonnes of mined kimberlite.
“Activities to expose additional fresh kimberlite to provide flexibility in open pit operation are still ongoing,” he said.
Lamb said that Karowe would produce 400 000 carats per year at base valuation of $301 per carat.
He, however, said that 300 000 carats were expected to be produced at the mine this year.
Meanwhile, the Lucara boss said that two sales of Mothae goods, in Lesotho last year had demonstrated the value of the diamonds contained at the mine.
Lucara offered a total of 7,190 carats in 28 sale lots in Antwerp between December 5 through 9, 2011.
All 28 lots received multiple bids and winning offers resulted in an average price of $893 per carat and gross proceeds of $6.4 million, an increase from its first diamond sale earlier in the year.

Mathew Nyaungwa, Rough&Polished, from Cape Town, South Africa