Karowe Mine reported Operational highlights from the Karowe Mine for the year ended December 31, 2024. Ore and waste mined of 3.0 million tonnes (2023: 2.7 Mt) and 0.9 Mt (2023: 3.1 Mt), respectively. 2.9 Mt of ore processed (2023: 2.8 Mt), setting a new annual production record.
Karowe mine Under Ground Project (UGP) presented& by highlighting the UGP is designed to access the highest value portion of the Karowe orebody, with initial underground carat production predominantly from the eastern magmatic/pyroclastic kimberlite (south) unit. The UGP is expected to extend the mine life to beyond 2040.
An update to the Karowe UGP schedule and budget was announced on July 16, 2023. The anticipated commencement of production from the underground is H1 2028. The revised forecast of costs at completion is $683.4 million (including contingency). As at December 31, 2024, capital expenditures of $347.9 million had been incurred and further capital commitments of $79.2 million had been made.
With the 2023 update to the UGP schedule and budget, the Karowe Mine production and cash flow models were updated for the revised project schedule and cost estimate. Open pit mining is expected to continue until the end of 2025 and to provide mill feed during this time.
Stockpiled material (North, Centre, South Lobe) from working stockpiles and life-of-mine stockpiles should provide uninterrupted mill feed until 2027 when UGP development ore is scheduled to start offsetting stockpiles with high-grade ore from the underground development.
Full scale underground production is planned for H1 2028. The long-term outlook for diamond prices, combined with the potential for exceptional stone recoveries and the continued performance of the open pit could mitigate the modelled impact on project cash flows due to the changes in schedule. The Company continues to explore opportunities to further mitigate the modelled impact.
During 2024, the UGP achieved a twelve-month rolling Total Recordable Injury Frequency Rate of 0.57. The UGP to date Total Recordable Injury Frequency Rate up to December 31, 2024 was 0.54.
A total of $64.7 million was spent on the UGP development in 2024 for the following surface infrastructure and ongoing shaft sinking activities.
William Lamb, President & CEO commented: “2024 was another great year for Lucara, with the recovery of the epic 2,488 carat Motswedi, the largest diamond to be recovered in the last century, shortly followed by the recovery of the remarkable 1,094 carat Seriti. 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.
Lucara’s position at the forefront of the diamond sector remains strong, particularly with the recently announced $54.0 million sale of the 549 carat Sethunya and 1,080 carat Eva Star.
Our world-class Karowe mine continues to set new benchmarks, achieving record production in 2024 while maintaining the highest safety standards in the industry. The open pit operations delivered yet another remarkable milestone with the recovery of our seventh 1,000+ carat diamond. Meanwhile, steady progress in shaft sinking marks significant advancement in our underground project. This strategic investment will extend Karowe’s productive life, ensuring we continue to unearth extraordinary diamonds from this exceptional deposit for years to come.
We remain committed to executing our strategic objectives while strengthening our leadership in the recovery and marketing of exceptional diamonds. Our recent historic diamond sale of the Sethunya and Eva Star further validate Karowe’s potential and enhance our ability to create lasting value for our shareholders.”
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