Lucara 3Q recovered over 98K Carats

Nov 22, 2023

Recently, Lucara announces Q3, 2023 results and that report said, all key operational metrics were achieved against plan from the Karowe Mine for Q3 2023 included, a total of 98,311 carats recovered (Q3 2022: 78,879) at a recovered grade of 13.6 carats per hundred tonnes of direct milled ore (Q3 2022: 11.4 cpht).

A total of 189 Specials were recovered, with six diamonds greater than 100 carats including three diamonds greater than 300 carats in weight. Recovered Specials equated to 6.8% of the weight percentage of total recovered carats from ore processed during Q3 2023 (Q3 2022 – 7.1%).

The strong performance reflects the weighting of Lucara’s revenue to larger goods where pricing was observed to be stable. During Q3 2023, 16% of the carats processed were recovered from the Centre Lobe and 84% were recovered from South Lobe material (Q3 2022: 100% South Lobe ore).

A 1,080 carat Type IIA white gem quality diamond was recovered from Karowe in August. The fourth +1,000 carat stone recovered from the Karowe Mine. A 692 carat Type IIA diamond was also recovered later that month.

William Lamb, President & CEO commented: “The third quarter results for the Company were very good when considering market dynamics and the current state of the diamond sector. During this period of market weakness, the Company is focusing on operational efficiency and key management positions, starting with the promotion of Jennifer Harmer to VP Finance.

Jennifer’s knowledge and understanding of the Company’s operations and projects will be invaluable as we move forward.” William further added, “Lessons learned in previous quarters of underground shaft sinking and development have been successfully converted into knowledge which is delivering weekly sinking rate records.

Good progress has been made with the Company’s Lenders on the Rebase Amendment. A progress update will be provided before the end of the fourth quarter.”

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