Botswana-focused diamond miner Lucara Diamond Corp has reported a record-breaking 2024, highlighted by the recovery of two exceptional stones – the 2 488 ct ‘Motswedi’ diamond and the 1 094 ct ‘Seriti’ diamond.

Motswedi, which was unearthed at the Karowe mine in August, is the largest diamond to be recovered in the last century.

Lucara also achieved a new milestone in 2024 with the recovery of 807 ‘specials’ – diamonds larger than 10.8 ct – compared with 602 ‘specials’ in 2023. These accounted for 7.6% of the total recovered carats from ore processed, up from 5.3% in the previous year.

Reporting fourth-quarter and full-year results on Friday, CEO William Lamb said 2024 had been a “great” one for the Toronto-listed company.

“The recovery of these two exceptional stones, and the overall recovery of 807 specials, continues to demonstrate the exceptional Karowe asset and confirms Lucara's technical expertise and innovative mining practices,” he stated.

During the year, Karowe processed a record 2.9-million tonnes of ore, compared with 2.8-million tonnes in 2023.

Total revenue for the year increased by 18%, rising from $172.4-million in 2023 to $203.4-million in 2024. Lucara sold 399 215 ct in 2024, up from 379 287 ct in 2023, with the revenue increase driven by the sale of the 549 ct Sethunya and the 1 080 ct Eva Star diamonds, as well as an overall increase in carat sales.

The Motswedi and Seriti diamonds remained unsold. The company noted that selling and monetising diamonds over 1 000 ct required considerable time due to the complexities of marketing, analysis, cutting, and polishing.

“The openpit operations delivered yet another remarkable milestone with the recovery of our seventh 1 000-plus carat diamond,” said Lamb.

For the year ended December 31, Lucara posted a net income from continuing operations of $43.6-million, a turnaround from the $5-million loss recorded in 2023. This improvement was primarily owing to higher income from mining operations and a lower deferred income tax expense.

A total of 399 215 ct were sold, generating revenue of $203.9-million, including top-up payments and payments from the Sethunya and Eva Star sales. The two diamonds were sold for a combined $54-million, with Lucara recognising $44-million in revenue net of fees, excluding royalties.

Meanwhile, Lucara reported that it was making steady progress on the Karowe underground expansion project, which was expected to extend the mine’s productive life and sustain the recovery of diamonds for years to come.

Lucara expects to sell between 400 000 ct and 420 000 ct in 2025 for a total diamond revenue of $195-million to $225-million. The company expects to recover between 360 000 ct and 400 000 ct, with ore mined totalling 1.6-million to two-million tonnes and up to 200 000 t of waste mined. Ore processing is estimated at 2.6-million to 2.9-million tonnes, with total cash operating costs of $28.50/t to $31/t processed.