Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Image courtesy of Lucara Diamond (Click to enlarge).
Canada’s Lucara Diamond (TSX: LUC) has added to the excitement of huge gems being found this month by announcing it has unearthed a 341.9 carat gem quality diamond from its Karowe mine in Botswana.
The “exceptional colour and clarity” stone, said the Vancouver-based firm, was recovered while processing fragmental kimberlite from the central and south lobe interface of the mine, located in the central district of the southern African country.
According to Lucara, this Type IIa diamond will be sold along with two other greater than 100 carat diamonds, also recovered at Karowe.
The miner also said that timing of the sale of these diamonds is still to be determined.
Last year, the company sold a 203-carat diamond for $8.2 million for, three weeks after Gem Diamonds sold a 198-carat stone from its Lesotho mine for $10.6 million. A bit earlier, a 123-carat gem from South Africa got Petra Diamonds $27.6 million.
In addition to the Karowe mine, the Africa-focused diamond miner holds 75% of the Mothae project in Lesotho.
Comments
rockhound17
Again, kind of a lost ball in the high weeds here?