Karowe achieves 48% operating margins

Lucara's robust positioning in the diamond sector! 

In the report for Karowe Diamond Mine for the Q3, 2024, its’ Financial highlights suggested that, operating margins of 48% were achieved (Q3, 2023: 63%). Lower operating margins resulted from the decrease in revenue realized for the quarter.

Operating cost per tonne processed was $27.34, a decrease of 5% compared to Q3, 2023 cost per tonne processed of $28.84. The continued impact of inflationary pressures, particularly labour, has been well managed by the operation. A strong U.S. dollar continues to offset a small increase in costs over the comparable period.

During Q3, 2024, the Company invested $24.1 million into the Karowe Underground Project (UGP).

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.

These historic recoveries reflect the culmination of our unwavering commitment to operational excellence and our industry-leading safety standards. 

Our open pit operations continue to deliver consistent results, while the underground expansion project has achieved significant milestones, particularly in shaft sinking activities during the quarter. 

This progress is testament to our team's technical proficiency and dedication to executing complex mining projects. Looking ahead, Lucara's strategic positioning in the diamond sector remains robust. The ongoing development of the Karowe underground project represents a pivotal investment in our future, designed to extend mine life and maintain our exceptional stone production profile.

As we progress through this transformative period, we remain focused on executing our strategic objectives while maintaining our position as an industry leader in the recovery and marketing of exceptional diamonds. The recent discoveries reinforce our confidence in Karowe's potential and our ability to deliver long-term value to our shareholders.