Lucara submits technical report for Karowe mine expansion

Lucara Diamond Corp. has submitted a technical report detailing the revised feasibility study for its underground expansion project at the Karowe Diamond Mine in Botswana. The report, compiled by JDS Energy and Mining Inc. in compliance with the National Instrument 43-101 standards, provides comprehensive insights into the anticipated outcomes of the expansion initiative.

Situated in north-central Botswana, the Karowe Diamond Mine is renowned for producing large, high-value type IIa diamonds. It holds the distinction of being the sole diamond mine globally to have yielded four diamonds exceeding 1,000 carats in size.

The underground expansion aims to double the mine’s lifespan and generate substantial revenue and cash flow until 2040, benefiting various stakeholders including the company, employees, shareholders, local communities, and Botswana as a whole. The updated feasibility study, which builds upon the 2019 feasibility study and the 2021 financed base case, reflects alterations in project duration, capital expenditure, and technical aspects.

William Lamb, President and CEO of Lucara Diamond, expressed enthusiasm about the updated feasibility study, stating, “Lucara is excited to present the revised feasibility study for the Karowe Underground Expansion Project, which underscores our strategic decision to extend the mine’s lifespan and continue delivering benefits to our stakeholders. Karowe remains a world-class mine, and we anticipate further recovery of large, exceptional diamonds from the South Lobe at Karowe.”

The report encompasses significant modifications such as project construction progress up to June 30, 2023, updated economic modeling incorporating diamond prices and exchange rates, realignment of the project schedule, reassessment of operations budgets and project capital and operating costs, adjustments to mine design, fine tailings storage and management, as well as reevaluation of hydrogeological conditions. Additionally, changes to underground dewatering and grouting methodology, along with surface groundwater management, have been included in the report.



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