Our main role is to inspire consumers to consider diamonds - Jean-Marc Lieberherr

With over 25 years of experience in a variety of leadership positions across many geographies, functions and businesses, Jean-Marc Lieberherr has more than 10 years’ experience as a diamond industry leader, which includes as a Board member of the World...

09 december 2019

Training in diamond valuation is key for artisanal miners

Ian Rowe, the Executive Director of the Diamond Development Initiative (DDI) was appointed in September 2019, having joined DDI as Deputy Executive Director a year earlier. Ian managed field operations in Sierra Leone within this role and led...

02 december 2019

Kangalassi 2.0: Raising the living standards, creating new jobs

At the V Eastern Economic Forum (EEF) held in early September in Vladivostok, the Yakut company SAYBM signed a tripartite agreement with two agencies - the Far Eastern agency and the regional one - for attracting investments and providing export...

25 november 2019

We live in a new dimension of environmental responsibility carried by business

In mid-October, Moscow hosted the VIII Ecological Forum attended by representatives from the State, large industrial companies, scientific and public organizations. The forum delegates discussed the issues related to finding a balance between the socio-economic...

18 november 2019

De Beers’ GemFair delivering ‘positive impacts’ to ASM sector in Sierra Leone – David Johnson

GemFair, a pilot project developed by De Beers to create a secure and transparent route to market ethically sourced artisanal and small-scale mined (ASM) diamonds, is already delivering “important positive impacts” in Sierra Leone. Group head...

11 november 2019

Karowe underground expansion: Lucara approves budget for early works

04 december 2019

lucara_news.pngLucara Diamond has approved a budget of up to $53 million for early works related to a proposed underground mine at its wholly-owned Karowe diamond mine, in Botswana.
It said an investment decision, subject to receipt of all required authorisations and the arrangement of financing, is expected in the second half of 2020.
“Anticipated cash flow from operations in 2020 should allow us to pursue early works which are critical to the underground development schedule, while at the same time allowing us to leverage our balance sheet to finance the project in a cost-effective manner," said Lucara chief executive Eira Thomas.
The company forecasts revenues of between $180 million and $210 million in 2020, as the proportion of carats recovered from the higher grade MP/KS and EM/PK(S) units increases. Lucara recently concluded a feasibility study for the underground expansion at Karowe, which is expected to double the mine life, and generate significant revenue and cashflow out to 2040. 
Pre-production capital cost of the underground project was set at $514 million. 
Karowe has produced 2.5 million carats since 2012 and generated $1.5 billion in revenue.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished