Lucara Given 25 Years to Expand Karowe
January 05, 21
(IDEX Online) - Lucara is to operate the Karowe mine, in Botswana for another 25 years after the government extended its mining license.
The move will allow it to pursue an underground expansion program costing more than $500m, with first ore anticipated from underground in 2026. The company anticipates financing to be in place by the second half of this year.
Canada-based Lucara is known for its large and exceptional quality Type IIa diamonds. Last year it produced 31 diamonds over 100 carats, including 10 over 200 carats.
Eira Thomas, president and CEO said: "The receipt of our mining licence renewal and extension to 2046 is an important milestone for the Karowe underground expansion project, paving the way for the completion of a supplemental debt financing and full project sanction later this year."