Recently, Lucara Diamond Corp presented their reports for the 2Q and in the row they presented the update on the Karowe underground project. The Karowe UGP is designed to access the highest value portion of the Karowe orebody, with initial underground carat production predominantly from the highest value eastern magmatic / pyroclastic kimberlite unit. The Karowe UGP is expected to extend mine life to 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 $683.0 million. As at June 30, 2024, capital expenditures of $336.3 million had been incurred and further capital commitments of $69.7 million had been made.
With the 2023 update, the Karowe Mine production and cash flow models were updated for the revised project schedule and cost estimate. Open pit mining will continue until mid-2025 and provide mill feed during this time. Stockpiled material from working stocks and life of mine stockpiles will provide uninterrupted mill feed until late 2026 when Karowe UGP development ore will begin to offset stockpiles with high-grade ore from the underground production feed planned for H1 2028.
The long-term outlook for diamond prices, combined with the potential for exceptional stone recoveries and the continued strong 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 Q2 2024, the UGP achieved a twelve-month rolling Total Recordable Injury Frequency Rate of 0.65. Project to date Total Recordable Injury Frequency Rate at June 30, 2024 was 0.56. A total of $11.2 million was spent on the Karowe UGP development in Q2 2024 for the following surface infrastructure and ongoing shaft sinking activities.
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