Lucara updates Karowe underground budget to P9bn

In an update this week, the company said several technical challenges were behind the updated capital costs and production timelines, which had also impacted revenue forecasts over the period.

Karowe, situated near Letlhakane, has become world-famous for large diamond discoveries such as Lesedi la Rona, the Constellation, and Sewelo. The underground mine represents Karowe’s future and is expected to yield additional revenues of $4 billion (P52.4 billion) up to at least 2040.