{"id":9709,"date":"2024-09-18T05:49:49","date_gmt":"2024-09-18T05:49:49","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/09\/18\/lucara-continues-streak-of-big-diamond-discoveries-with-1094-carat-find-at-karowe\/"},"modified":"2024-09-18T05:49:49","modified_gmt":"2024-09-18T05:49:49","slug":"lucara-continues-streak-of-big-diamond-discoveries-with-1094-carat-find-at-karowe","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/09\/18\/lucara-continues-streak-of-big-diamond-discoveries-with-1094-carat-find-at-karowe\/","title":{"rendered":"Lucara Continues Streak of Big Diamond Discoveries with 1,094 Carat Find at Karowe"},"content":{"rendered":"

Only a month after the discovery of the second largest diamond ever recorded, Lucara Diamond (TSX:LUC,OTC Pink:LUCRF) has announced the recovery of another significant stone from its Karowe mine in Botswana.<\/strong><\/p>\n

The new find is 1,094 carats compared to the massive 2,942 carat rough diamond uncovered by Lucara in August, solidifying Karowe\u2019s reputation as one of the world\u2019s most prolific sources of large diamonds.<\/p>\n

The rough diamond is the sixth stone over 1,000 carats that Lucara has unearthed from the mine. According to the company, the EMPKS ore type at Karowe\u2019s South Lobe hosts these large, high-value stones. <\/p>\n

The company said the newly recovered 1,094 carat diamond will be polished through its partnership with HB Antwerp, a collaboration responsible for processing several of Lucara\u2019s previous large stones. The August discovery is slated for evaluation and processing as well, with both stones expected to yield significant returns once polished.<\/p>\n

Previous collaborations with HB Antwerp have resulted in polished diamonds worth over US$13 million.<\/p>\n

\u2018The recovery of this exceptional 1,094 carat diamond is a testament to Karowe\u2019s remarkable potential and further validates our investment in the underground expansion project,\u2019 said Lucara President and CEO William Lamb.<\/p>\n

\u201cThese continued discoveries of large, high-value diamonds demonstrate the consistent quality of our resource and its ability to deliver substantial returns,\u201d he added in a Sunday (September 15) press release. <\/p>\n

In addition to Lucara\u2019s recent 1,094 and 2,942 carat discoveries at Karowe, other notable recoveries include the 1,758 carat Sewel\u00f4 diamond, discovered in 2019, and the 1,109 carat Lesedi La Rona diamond, found in 2015.<\/p>\n

Lucara\u2019s use of cutting-edge technology has been key in these recoveries. Since implementing X-ray transmission technology in 2017, it has been able to detect large diamonds while minimizing the risk of damage during extraction.<\/p>\n

Botswana, where Karowe is located, is a key player in the global diamond production industry. The country is the largest miner of diamonds by value and is second only to Russia in total production.<\/p>\n

Lucara\u2019s ongoing recoveries further bolster Botswana\u2019s standing, particularly as the government seeks to ensure more profits from diamond mining remain in the country. The nation has recently proposed new regulations requiring mining companies to sell a 24 percent stake to local investors unless the state chooses to take the stake itself.<\/p>\n

Furthermore, Botswana has been working to increase its influence in the industry, particularly through negotiations with De Beers, the world\u2019s largest diamond producer, through a new 10 year agreement signed in 2023.<\/p>\n

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Only a month after the discovery of the second largest diamond ever recorded, Lucara Diamond (TSX:LUC,OTC Pink:LUCRF) has announced the recovery of another significant stone from its Karowe mine in Botswana. The new find is 1,094 carats compared to the massive 2,942 carat rough diamond uncovered by Lucara in August, solidifying Karowe\u2019s reputation as one […]<\/p>\n","protected":false},"author":0,"featured_media":9710,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-9709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/9709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=9709"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/9709\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/9710"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=9709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=9709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=9709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}