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Lucara Sells $30M at Exceptional Stone Tender

Nov 15, 2015 10:14 AM   By Rapaport News
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RAPAPORT... Lucara Diamond Corp. reported sales of $29.7 million from its recent exceptional stone tender, with 13 diamonds from its Karowe mine in Botswana selling for an average of $20,625 per carat. The Canadian miner sold 1,440 carats in total, it said in a statement.

Ten diamonds went for more than $1 million each, including five for more than $2 million apiece in the sale held November 2-11. Among the stones bought were a 336.3-carat type IIa diamond for $8.2 million, or $24,324 per carat; an 83.5-carat type IIa diamond for $4.1 million, or $49,467 per carat; and an 8.03-carat pink diamond for $911,911, or $113,563 per carat.

Lucara also recently recovered a 348-carat and a 255-carat diamond using XRT diamond recovery machines at Karowe, it said. The company owns 100 percent of the mine.

President and CEO William Lamb said: “In the current market, buyers have become more conservative when considering pricing for the more complicated stones, which includes the 336-carat stone sold in the current tender.

“The recovery of the 348-carat diamond lobe is the largest stone recovered from the Karowe mine to date. We are very pleased with the current operation of the newly installed X-ray transmission (XRT) equipment and the continued recovery of our exceptional diamonds,” Lamb said in the statement. XRT is a diamond recovery technology that can remove large quantities of gangue material, substantially increasing the run of mine ore grade before any conventional processing takes place, according to the company.
Tags: Botswana, Exceptional Stones, Karowe, Lucara Diamond Corp., mining, Rapaport News, Tenders
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