Recently, Lucara Diamond reported Q3 2024 & highlighted recoveries of two exceptional diamonds larger than 1,000 carats, including the epic 2,488-carat diamond and the 1,094-carat diamond.
A total of 116,221 carats of diamonds were sold, generating revenue of $44.3 million in Q3, 2024. On October 4, 2024, the Company sold its interest in Clara Diamond Solutions Limited Partnership, Clara Diamond Solutions B.V., and Clara Diamond Solutions GP for approximately $3.0 million in cash, the return of 10,000,000 Lucara common shares, as well as the transfer of liabilities tied to sales performance metrics and a change of control, thereby eliminating a share issuance obligation of 13,400,000 Lucara common shares.
Karowe registered no lost time injuries during the three months ended September 30, 2024. As of September 30, 2024, the mine had operated over three years without a lost time injury. Significant progress was made in shaft sinking and lateral development connecting the production and ventilation shafts, with the critical path ventilation shaft being ahead of the July 2023 rebase schedule.
At the end of Q3, the production shaft had reached a depth of 686 metres and the ventilation shaft a depth of 582 metres below surface. A total of 104,390 carats were recovered in Q3, 2024, including 96,597 carats from direct ore feed from the pit and stockpiles, at a recovered grade of 13.4 carats per hundred tonnes and an additional 7,793 carats recovered from processing of historic recovery tailings.
A total of 244 Specials-defined as rough diamonds larger than 10.8 carats, were recovered during the quarter, with 12 diamonds greater than 100 carats, including three stones greater than 300 carats. The recovery of 244 Specials equated to 11.28% by weight of the total recovered carats from ore processed in Q3, 2024. This weight percentage of Specials exceeded the Company’s expectation and was heavily influenced by the recovery of the 2,488-carat and 1,094-carat stones.
William Lamb, President & CEO commented: “The third quarter of 2024, again, proved to be transformative for Lucara, marked by two extraordinary discoveries that underscore our preeminent position in the exceptional stone segment of the diamond industry. The recovery of an unprecedented 2,488-carat diamond, followed by the discovery of a remarkable 1,094-carat stone, not only demonstrates the exceptional quality of our Karowe asset but also validates our technical expertise and innovative mining approaches.
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