- Lucara Diamond (TSX:LUC) has unearthed a 1,094-carat rough diamond from its Karowe mine in Botswana
- The stone is the sixth measuring more than 1,000 carats that the company has uncovered at the mine since 2012
- Lucara produces and sells diamonds from its 100-per-cent-owned Karowe mine in Botswana
- Lucara Diamond stock has added 18.75 per cent year-over-year, but has lost 57.96 per cent since 2019
Lucara Diamond (TSX:LUC) has unearthed a 1,094-carat rough diamond from its Karowe mine in Botswana.
This is the sixth stone measuring more than 1,000 carats the company has uncovered at the mine since 2012 and follows a 2,492-carat stone announced in August 2024 – marking one of the largest discoveries in world history – and a 692-carat stone announced in August 2023 that sold for more than US$13 million.
The company believes the new stone, to be polished by HB Antwerp, reinforces its position as “the leading producer of large, high-quality diamonds,” according to Monday’s news release.
Ongoing underground expansion at Karowe aims to extend the mine’s life beyond 2040, which aligns with the company’s outlook for demand for natural diamonds outstripping supply over the long term.
While Lucara is confident in its ability to deliverer sustainable growth over the long term, with between US$220 million and US$250 million in diamond revenue expected in 2024 –not counting stones in excess of US$10 million – the miner has posted inconsistent revenue and profitability over the past five years, including two years of net income losses.
Leadership insights
“The recovery of this exceptional 1,094-carat diamond is a testament to Karowe’s remarkable potential and further validates our investment in the underground expansion project,” William Lamb, president and chief executive officer of Lucara Diamond, said in a statement. “These continued discoveries of large, high-value diamonds demonstrate the consistent quality of our resource and its ability to deliver substantial returns. As we progress with our underground development, we’re increasingly confident in Karowe’s capacity to produce these legendary diamonds well into the future, cementing our position in the high-end diamond market.”
About Lucara Diamond
Lucara has been producing and selling diamonds from its 100-per-cent-owned Karowe mine in Botswana since 2012.
Lucara Diamond stock (TSX:LUC) is up by 6.74 per cent, trading at C$0.48 per share as of 2:47 pm ET. The stock has added 18.75 per cent year-over-year, but has lost 57.96 per cent since 2019.
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(Top photo of Lucara’s newly discovered 1,094-carat diamond from its Karowe mine in Botswana: Lucara Diamond)
