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Lucara’s Karowe Mine Finds $31 Million in New Funding

Lucara is set to operate the mine for another 25 years
1758 carat diamond lucara
Credit: Lucara

Lucara has announced $31 million of new funding to operate and develop its Karowe mine in Botswana – $22 million from a syndicate of underwriters led by BMO Capital Markets and $16m in a private placement from Nemesia S.a.r.l and other investors, according to IDEX Online.

 

lucara 1174 carat rough diamond
Credit: Lucara

 

In January, the government of Botswana extended Lucara’s mining license for a further 25 years. Karowe is forecast to produce between 340,000 and 370,000 carats.

 

lucara 470 carat diamond
Credit: Lucara

 

Last week, Lucara announced a huge 1,098-carat stone find at Karowe. Then, in the space of two days, it found an even bigger diamond weighing 1,174 carats from the same mine.



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