Cash troubles hit Karowe, operations threatened

Lucara initially expected its revenues this year to reach as much as $225 million (P3.1 billion), but this week, executives revised that down to a maximum of $160 million (P2.2 billion).

Lucara has largely escaped the troubles that have hit other diamond miners in the country and beyond since 2023, causing a prolonged slump in prices and production. Instead, the company and the mine responsible for major finds such as Lesedi La Rona and Constellation, was able to keep ticking along thanks to huge discoveries in Boteti, whilst credit facilities helped to keep working on the underground expansion.