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Debswana, Lucara roll out expansion plans
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Amid the rippling effects of Covid-19 pandemic which has stalled developments and left many people jobless, Debswana and Lucara mining companies are bringing a light of hope to Boteti region, one of the poorest areas in Botswana despite being endowed with diamonds.
The two mining companies have announced their strategy to ensure that they continue mining in the area which in turn is expected to turn around the fortunes of the area. This week, Lucara Diamond Corporation President and Chief Executive Officer Eira Thomas announced that they have secured project financing debt package of up P22 billion to fund the underground expansion at Karowe Mine. “The Facilities will include two tranches: A project finance facility of US$170 million to fund the development of the underground project, and a working capital facility of US$50 million to support the on-going operation of the Karowe open pit mine,”
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Constellation diamond from the Karowe mine. Credit: Lucara Diamond
For the first quarter of 2021, Lucara Diamond (TSX: LUC) reported revenues of $53.1 million on $579 per carat sold – up 56% from last year’s first quarter average of $396 per carat.
After a difficult 2020, in which global travel and diamonds sale volumes were drastically reduced, the diamond miner reported a first-quarter market that was the healthiest it’s been in five years, with diamond prices rising in almost all sizes and qualities.
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The company reported net income of $3.4 million, compared with a net loss of $3.2 million in the same quarter of last year. Operating costs rose slightly at the open-pit operation to $215 per carat from $201 per carat. At the same time, the higher sales prices boosted operating margins to $364 per carat from $195 per carat.