De Beers upbeat on Botswana diamond pact after meeting new president
De Beers' CEO said he expected negotiations on a new diamond sales pact with Botswana's government to be wrapped up within weeks.
Lucara Diamond (TSX: LUC) has recovered a 692.3-carat diamond from its 100% owned Karowe diamond mine in Botswana.
The diamond, measuring 46.5 x 40.7 x 28.4 mm is described as a Type IIa high white gem, recovered from the South Lobe.
The diamond represents the fourth +300 carat diamond recovered year to date and shortly follows on the recovery of the 1,080 carat Type IIa white top gem earlier in August.
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).
“This stone is the 20th diamond larger than 100 carats recovered, during 2023, at Karowe,” new CEO William Lamb said in a news release.
“The recovery of large diamonds from the EM/PK(S) lithology of the South Lobe strongly supports our expectations for the underground project where the majority of material mined will constitute this phase of kimberlite during the first years of underground production,” Lamb said.
In July, Lucara provided an update on the Karowe underground expansion, pegging the total preproduction cost at $683 million, up 25% from the earlier estimate of $547 million.
Underground production will be delayed to the first half of 2028, rather than the second half of 2026 when it was originally scheduled.
