Name of the Project
Karowe underground project (UGP).

Location
North-central Botswana.

Project Owner/s
Lucara Diamond Corp.
 
Project Description
The currently operating Karowe openpit is a conventional load-and-haul operation, with operations expected to terminate in mid-2025 at an elevation of 713 metres above sea level (masl). 

The underground project will extend the Karowe mine’s life by 15 years and is designed to support a 2.7-million-tonne-a-year mining operation and processing plant, which will be focused on the South Lobe of the AK06 kimberlite.

The project will involve the extraction of an estimated 400 vertical metres of the South Lobe from 310 masl (700 m below surface) to the bottom of the depleted openpit about 710 masl (300 m below surface).

The project will include an 8.5 m finished internal-diameter production shaft about 767 m deep and equipped to hoist a nominal 7 400 t/d of ore and additional development waste; and a 6 m finished internal-diameter unequipped ventilation shaft with a planned final depth of 729 m.

Total life-of-mine diamond recoveries are estimated at 6.8-million carats.

Potential Job Creation
None stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Preproduction capital costs for the underground project are estimated at $683-million. As at September 30, 2024, capital expenditure reached $353.5-million and further capital commitments $57.4-million. 

Planned Start/End Date
The mine will transition to underground mining, starting in 2027, with the anticipated start of production expected in the first half of 2028.

Latest Developments
Significant progress has been made in shaft sinking and the lateral development connecting the production and ventilation shafts.

At the end of the quarter ended September 30, 2024, the production shaft had reached 686 m and the ventilation shaft 582 m below surface.

During the period, Lucara invested $24.1-million in the Karowe UGP, excluding capitalised cash borrowing costs.

Key Contracts, Suppliers and Consultants
JDS Energy & Mining Inc (technical report) and UMS Group (design, construction, sinking and equipping contractor).

Contact Details for Project Information
Lucara Diamond Corp, tel +1 604 674 0272 or email info@lucaradiamond.com.