Questions swirl as Lucara CEO exits

Out of office: Thomas has exited as CEO but remains a substantial shareholder and driver of Lucara's selling platform, Clara PIC: NATURALDIAMONDS.COM
Out of office: Thomas has exited as CEO but remains a substantial shareholder and driver of Lucara's selling platform, Clara PIC: NATURALDIAMONDS.COM

Lucara Diamond Corp has opened negotiations with lenders ahead of repayments due next month, as the diamond firm enters a period of uncertainty, possibly worsened by the sudden departure of co-founder and CEO, Eira Thomas, recently.

Thomas left office on August 14 after five years at the helm and was replaced by her predecessor, William Lamb, who occupied the top seat between May 2011 and February 2018.

Her departure has stoked shareholder debate as the high-flying miner enters an uncertain period after it recently ran into delays in its planned underground project at Karowe, where expected costs have now been updated by 25% to $683 million. Lucara said production from the new underground ore would now be accessed two years later than originally forecast, blaming the delays and additional costs on longer than expected “grouting” work. Grouting involves the filling of underground voids and sealing water inflows to improve stability and support for operations.


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