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 from Lucara Diamond.
Lucara Diamond (TSE:LUC) said it recovered a 1,111 carat gem-quality diamond from its Karowe Mine in Botswana.
The stone, which Lucara claims is the world’s second largest gem quality diamond ever recovered, measures 65mm x 56mm x 40mm in size.
The stone originated in the mine’s south lobe and was recovered by the newly installed Large Diamond Recovery (“LDR”) XRT machines.
The company’s CEO said the find is historic.
Image from Lucara Diamond.
“This historic diamond recovery puts Lucara and the Karowe mine amongst a select number of truly exceptional diamond producers,” said William Lamb, President and CEO.
“The significance of the recovery of a gem quality stone larger than 1,000 carats, the largest for more than a century and the continued recovery of high quality stones from the south lobe, cannot be overstated. Our focus on mining the south lobe, which is delivering value beyond expectation, has been perfectly timed with the commissioning of our recent plant modifications, enabling the recovery of these large, high quality exceptional diamonds.”
Lucara Diamond Corp. is a public company based in Vancouver, Canada. It is listed at the TSX. The company controls two mines and two exploration projects in two countries. Its assets are located in Botswana and Lesotho.
Karowe is located in Botswana, 22km SSE of Orapa. Karowe is considered to be a kimberlite deposit. Karowe is an open-pit operation.
Image from Lucara Diamond.
6 Comments
Bill Nicholson
One hellava rock!
Glowstar Diamond
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patentbs
Installing the large diamond recovery equipment may pay off!
Andjelo Mwembya
Visit us at https://www.facebook.com/Medina-GC-LLC-201005543308770/?ref=hl to see more about our exploration, mining, and trading of rough diamonds in the DR Congo.
Chris Kuntz
Quite impressive. I am only one year into the diamond industry, but have been exposed to presentations on diamond deposits since 1995. Having lived in Zimbabwe and South Africa, and having visited Botswana – I can tell you that I am interested to know more.
AnonymizedUser123
I think I once read the ore crushing machines are/can be set to a certain size, so is it possible even larger diamonds have already been unearthed but crushed automatically due to the considered unlikeliness of the size occurring?