Diamond producer Lucara Diamond Corp expects to sell between 400 000 ct and 420 000 ct in 2025 for a total diamond revenue of $195-million to $225-million.

CEO William Lamb said in an operational guidance update for 2025 issued on December 4 that the company had achieved significant milestones at its Karowe mine, in Botswana, this year, by successfully meeting and exceeding all production targets.

"The company's strategic focus on the underground mining project showed significant advancement, with shaft depths reaching new records.

“Further, our innovative extraction technologies are once again proving the quality of the resource through the recovery of two exceptional diamonds larger than 1 000 ct, including the epic 2 488 ct diamond and the 1 094 ct diamond.

“We have also demonstrated substantial progress in reducing operational costs and improving sustainable mining practices," he said.

For 2025, Lucara projects recovering 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.

Lucara expects to invest up to $115-million in capital expenditure and up to $13-million in sustaining capital costs for 2025.

Sustaining efforts include the replacement and refurbishment of key asset components, expansion of the tailings storage facility, and pit steepening activities to facilitate the continued extraction of South Lobe material in 2025.

This is against an average expected exchange rate of about P13 to the dollar.

Revenue projections for 2025 are based on the assumption that 79% of the carats recovered will originate from the higher-value mixed/pyroclastic kimberlite (South) and eroded massive/pyroclastic kimberlite (South) units within the South Lobe, as well as from the sale of existing diamond inventory.

The South Lobe, although lower in grade than the Centre and North Lobes, has a higher proportion of diamonds exceeding 10.8 ct in weight, referred to as ‘specials’.

Mining and processing activities will involve 1.8-million to 2.2-million tonnes of combined ore and waste, to be processed alongside stockpiled material. These efforts align with historical plant performance and are designed to ensure uninterrupted mill feed until 2027, when development ore from the Karowe underground project (UGP) will supplement stockpiles with high-grade material.

Full-scale underground production is expected in the first half of 2028.

Lucara said significant progress had been made on the UGP, which is expected to extend the mine’s life beyond 2040.

This year, the company advanced shaft sinking and lateral development, with the ventilation shaft ahead of schedule. In 2025, activities will focus on completing shaft sinking to final depth, equipping the production shaft, and advancing station development.

Surface works will include the installation and commissioning of permanent winders, while contracts for lateral development and underground equipment purchases will be finalised.