Lucara Diamond Corp is Producing Diamonds in Karowe Mine
5/22/2012 3:05:08 AM Shira
Lucara Diamond Corp is transitioning from a development company to a diamond producer. The company recently announced the production of the first diamonds from its Karowe mine in Botswana and has scheduled its first diamond sale for June.
“I’m proud to say that since the inception of Lucara we have achieved every objective we have set out to accomplish. A track record we intend to maintain,” said President and CEO of Lucara, William Lamb.
Lucara shareholders recently approved all of the resolutions presented at the ompany’s annual general meeting in Vancouver, Canada, including fixing the number of directors at seven people.
When Lucara Diamond Corp (TSX:LUC) acquired Karowe mine, it only consisted of a couple of sample trenches. Today, Lucara describes Karowe as a world-class mining operation with reserves of 38 million tons.
Lucara has produced 10,000 carats from 28,000 tons of ore so far and expects continual positive results. The company aims to produce 400,000 carats per year. Lucara reports that up to 10% of Karowe diamonds are very rare, the type sought out for their clarity and brilliance.
Lucara Diamond Corp also has a a 75 percent interest in the Mothae project in Lesotho—currently in the trail mining stage— and wants to bring an additional mine online. Lucara reports positive diamond sale from Mothae — including a 56.51 carat diamond that sold for $2.1 million, a 19.2 carat diamond that sold for $490,000, and a 28.89 carat diamond that sold for $1.65 million.
The first of the Karowe diamond sale is planned for June 2012. Lucara plans on holding six sales in total in 2012.