Category: Diamond

Canada’s Lucara Diamond (TSX: LUC) has announced its board has formally accepted a planned underground expansion of the Karowe mine in Botswana, which is expected to extend the operation’s life for 20 years — until 2040. The Vancouver-based miner said the approval follows the financial closure and satisfaction of all conditions precedent to a $220-million debt package, announced in July.   Lucara said the first $170 million would be available in mid-September, adding that total costs will be largely covered via a combination of loans, cash resources and equity financing.  MOVING KAROWE UNDERGROUND WILL ALLOW LUCARA TO EXPLOIT THE HIGHEST VALUE PART OF THE OREBODY AND EXTEND THE MINE’S LIFE FOR 20 YEARS — UNTIL 2040 Moving Karowe underground, a plan announced… Read More Here

Anglo American’s production rose by 20% in the second quarter, helped by higher output of platinum and diamonds, the miner said on Tuesday, despite operations running at 95% of full capacity because of COVID-19 disruptions. Rough diamond production rose by 134% compared to the same period last year as consumer demand recovered, while platinum group metals production at South African unit Anglo American Platinum increased by 59% to 1.06 million ounces. Copper output rose by 2% to 170,000 tonnes on higher production at Anglo’s largest mine in Chile, Los Bronces.… Read More Here

Britain’s Firestone Diamonds plc has agreed to sell its Botswana mine to a local company for just $50,000, after previous attempts to offload the mine it valued at $10 million in 2014 fell through. Firestone put BK11 mine on care and maintenance in 2012, citing operational challenges and weak market demand for the precious stones. In a statement, Firestone said it had entered into a binding agreement with Botswana-registered company Visionary Victor Resources to sell the mine for a one-off upfront payment of $50,000. “In addition, Visionary Victor Resources will… Read More Here

Debswana Diamond, a joint venture between De Beers and the government of Botswana, has found a 1,098-carat stone, one of only four rocks over 1,000 carats ever unearthed, and the biggest by the company since it began operations five decades ago. The yet to be named massive stone was picked on June 1 at Jwaneng, the world’s richest diamond mine by value, which is undergoing a $2 billion expansion. Initial analysis suggests the diamond is close not only in size, but also in quality to the 3,106-carat Cullinan, discovered in South Africa… Read More Here