Lucara to prioritise Karowe expansion studies

TSX-, Nasdaq- and Botswana Stock Exchange-listed Lucara Diamond Corporation will, this year, prioritise the completion of a feasibility study into the potential for underground production and life-of-mine expansion from 2026 to 2036 at its Karowe prospect, in Botswana.

Lucara has set aside a $14.8-million budget to complete geotechnical and hydrogeological drilling programmes in 2019, as well as economic and other studies that started in 2018.

The company aims to recover between 300 000 ct and 330 000 ct from Karowe this year, out of 2.5-million to 2.8-million tonnes of ore processed at an operating cash cost of between $32/t and $37/t processed. 

On the back of the anticipated production growth and a forecast revenue of between $170-million and $200-million, the company expects to pay an annual dividend of C$0.10 apiece this year.