Canadian Mining Journal

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Lucara takes conservative stance on Karowe’s prospects

VANCOUVER — It's been a successful two-year run for producer Lucara Diamond (TSX: LUC; US-OTC: LUCRF) at its Karowe mine in Botswana, and the company isn't showing any signs of slowing down. On Dec. 9 Lucara released its...



VANCOUVER — It’s been a successful two-year run for producer Lucara Diamond (TSX: LUC; US-OTC: LUCRF) at its Karowe mine in Botswana, and the company isn’t showing any signs of slowing down. On Dec. 9 Lucara released its operating outlook for 2015, which should see it process more material from Karowe’s higher value south lobe, an area known for its large, specialty diamonds.

Karowe has come a long way since its ramp-up ended in late 2012, with annual diamond sales for that year totaling around US$54 million. And the operation really hit high gear in 2014 when Lucara had to materially boost its revenue projections due to two exceptional stone tenders during the first two quarters. 

The company had originally anticipated diamond revenues of between US$150 million and US$160 million in 2014 on the back of sales totaling between 400,000 and 420,000 carats. The sales figure hasn’t changed, but in late August the company announced it was increasing its revenue projection to in excess of US$250 million.

Read the complete article at NorthernMiner.com/news/lucara