Lucara Diamond Corp, operating the Karowe diamond mine in Letlhakane has announced the recovery of a 36.92 carat blue diamond. The diamond is described as a blue Type IIB of high quality and was recovered through the X-ray Transmission machines at Karowe from ore sourced from stockpile material. In addition to this incredible blue diamond, five stones over 100 carats have been recovered year-to-date from the processing of stockpile material.
William Lamb, President and CEO of Lucara commented, “Lucara is delighted to announce the recovery of this stunning blue, high-quality diamond from the Karowe Mine, which again reinforces the special nature of this asset. Recoveries such as this demonstrate the value contained within the Company’s surface stockpiles, which remain an important source of mill feed and a contributor to ongoing diamond recoveries.”
This discovery comes after the diamond company had recently announced its expansion plans for the mine.
Lucara Diamond said on Thursday it had placed $350 million in senior secured bonds, part of a financing package to complete the underground expansion of its Karowe diamond mine in Botswana.
Lucara Diamond said on Thursday it had placed $350 million in senior secured bonds, part of a financing package to complete the underground expansion of its Karowe diamond mine in Botswana.
Settlement of the bonds is expected around March 27, subject to customary conditions. The proceeds will be used to repay $220 million in existing project debt, fund two years of interest payments on the bonds and cover remaining costs related to the Karowe underground project.
The expansion carries a total estimated cost of $779.2 million, of which $469.4 million had been incurred as of December 31, 2025, according to the company’s updated feasibility study. Earlier this year, Lucara also raised C$165 million through an equity private placement, bringing the project’s full financing package together.
