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Lucara updates Karowe underground budget to P9bn

Friday, July 21, 2023 | 350 Views |

Grinding on: Karowe’s next phase of operations will be underground PIC: LUCARADIAMOND.COM

Lucara Diamond Corp now expects the underground project at its Karowe Mine to cost 25% more, rising to $683 million (P8.9 billion) and production from the new ore to be accessed two years later than originally forecast.

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.

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Lucara updates Karowe underground budget to P9bn

Lucara Diamond Corp now expects the underground project at its Karowe Mine to cost 25% more, rising to $683 million (P8.9 billion) and production from the new ore to be accessed two years later than originally forecast.