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Lucara expects P2.3bn in earnings

Lucara Botswana MD Naseem Lahri PIC. THALEFANG CHARLES
Lucara Diamonds expects revenues from its Karowe Mine to reach up to US$210 million (P2.3 billion) this year, up from the US$192 million (P2.1 billion) recorded in 2019.

In a recent presentation of financials to investors, the Canadian firm said it however expected diamond sales of up to 390,000 carats down from the actual 411,732 carats sold in 2019. 

Karowe has become world renowned for digging up stones such as Lesedi la Rona, Constellation and Sewelo.

Government’s mining investment agency, the Minerals Development Company Botswana is still weighing whether the state should approach Lucara for an equity stake.

By law, government is entitled to purchase up to 15% equity, but Minerals minister, Lefoko Moagi

recently told Mmegi the state’s focus was on finalising its negotiations with De Beers for a new sales agreement.

In 2020, Lucara is expected to focus on the potential for an underground mine, with a substantive decision due in the second quarter.

Eira Thomas, Lucara’s president & CEO described the underground plans as the next stage of growth and said they could add net cash flows of US$1.22 billion and gross revenues of US$5.3 billion while pushing life of mine to 2040.





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