Lucara finds rare blue diamond at Botswana mine

Canada’s Lucara Diamond (TSX: LUC) has recovered a high-quality 36.92-carat blue diamond from stockpiled ore at its 100%-owned Karowe mine in Botswana.

The Type IIb stone was recovered using X-ray transmission technology, underscoring the continued value of Karowe’s surface stockpiles, which have also yielded five diamonds exceeding 100 carats so far this year.

“The recovery of this stunning blue, high-quality diamond from the Karowe mine again reinforces the special nature of this asset,” president and CEO William Lamb said. “Recoveries such as this demonstrate the value contained within the company’s surface stockpiles, which remain an important source of mill feed and a contributor to ongoing diamond recoveries.”

The discovery comes as Lucara advances plans to extend Karowe’s life through an underground expansion, with a feasibility study outlining potential recovery of 4.5 million carats over a 10-year mine life.

The push to expand the operation highlights Lucara’s strategy to double down on a flagship asset despite a global diamond market downturn marked by weaker revenues, halted operations and rising competition from lab-grown stones.

Two months left

Open-pit mining at Karowe is expected to end before June, after which the company will rely on stockpiled material while ramping up underground production toward commercial levels.

Since starting operations, Karowe - meaning “precious stone” in the local language - has produced some of the world’s most notable diamonds, including the 1,758-carat Sewelô in 2019, the 1,109-carat Lesedi La Rona in 2015 and the 813-carat Constellation, also recovered in 2015.

The mine has also yielded Botswana’s largest fancy pink diamond, the Boitumelo, and remains one of the world’s highest-margin diamond operations, producing about 300,000 high-value carats annually.