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.
Lucara Diamond (TSX: LUC; BSE: LUC) has pulled a 1,080 carat diamond from its Karowe diamond mine in Botswana. It represents the company’s fourth thousand-plus carat diamond from the mine since 2015.
The diamond, measuring 82.2 x 42.8 x 34.2 mm, is described as a type IIa top-white gem of high quality, and was recovered from direct milling of ore sourced from the M/PK(S) unit of the south lobe.
The other three notable recoveries since 2015 include the 1,758 carat Sewelô (2019), a 1,174-carat diamond (2021), and the 1,109 carat Lesedi La Rona (2015).
Lucara CEO Eira Thomas said this fourth large diamond might not be the last. “As we progress mining deeper in the open pit and transition to underground mining, exclusively in the south lobe, the preponderance of large, high-value stones is increasing,” she said.
Thomas added that the discovery “underpins the strong economic rationale for investing in the underground expansion that will extend the mine life out to at least 2040.”
