Recently at the announcing of the result for the 1Q, 2024, the operational highlights from the Karowe Mine included; 1: Ore mined of 0.4 million tonnes Q1 2024: 0.8Mt. Ore mined in Q1 2025 was lower due to high rainfall in January which temporarily reduced access to the scheduled ore blocks. 2: 0.7Mt of ore processed.
In the row, according to the financial highlights for Q1 2025, Operating margins of 54% were achieved, consistent with Q1 2024, as both revenues and operating expenses decreased by 23%, resulting in consistent margins between the quarters. Operating cost per tonne processed was $23.41 per tonne, a 10% decrease compared to the Q1 2024 cost per tonne processed of $26.00 due to a lower volume of waste mined in Q1 2025. The continued impact of inflationary pressures, particularly labour, has been well managed by the operation.
Cash position and liquidity as at March 31, 2025 said, 1: $18.7 million of cash and $18.0 million of working capital (current assets less current liabilities). 2: $190.0 million has been fully drawn from the project finance facility for the UGP, along with $30.0 million fully drawn from the working capital facility (“WCF”). CORA balance of $50.5 million.
William Lamb, President & CEO commented: “The Karowe Diamond Mine continues to demonstrate its potential with the recovery of our seventh 1,000+ carat diamond. While production in the quarter was impacted by higher-than-normal rainfall, we maintained a consistent recovery of Specials, reinforcing Lucara’s expertise in this challenging operational environment.
The underground project at Karowe is progressing, with advancements in shaft connecting lateral development during the quarter. Surface infrastructure construction progressed as planned. We anticipate reaching shaft bottom in the coming months, though we remain mindful of the complexity inherent in such major development projects.
As we navigate the transition from open pit to underground operations, shareholders are reminded that 2026 and 2027 will present significant challenges, with production relying primarily on lower-value stockpile material. This interim period will require careful management of resources and expectations until the underground project begins contributing to our production profile.
Lucara remains focused on prudently managing this crucial transition phase while continuing our commitment to recovering high-quality diamonds, though we recognize the path ahead involves navigating considerable operational and financial adjustments before we can realize the full potential of our underground resources.”
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