Sunday, December 3, 2023

Lucara to spend US 20.3 million on prospecting

Lucara Diamond Corp praised its sparkling third quarter results saying they put it in a good mood for underground mining prospects.

The diamond miner’s results to the end of September 2023 were ahead by 14 percent to US $ 56.9 million or P 775 million, like -on-like.

The move was also aided by the low operating costs which were slow at US $28.62 per ton as oppose to the average of US $32.5- to US $35.50. The chief executive officer and President of Lucara Diamond Corp William Lamb commented in a statemen: “The third quarter results for the company were very good when considering market dynamics and the current state of the diamond sector”

The Canadian outfit which owns Korowe Mine – about 15 kilometres outside Letlhakane village – said it managed to process 98,311 carats of rough diamonds.
The junior miner is aiming to extend the life-span of its asset to 2040 by going underground from 2028. It said it will make a cash injection of US $ 20.3 million towards prospecting that will lead to underground mining.


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