Shares Soaring After Recovery of 2,400 Carat Diamond

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Thursday, August 22, 2024

Diamonds are––everyone’s best friend—espcially when the diamond is one of the largest rough diamonds ever unearthed. And shares of this diamond producer are ripping higher in Thursday morning trade.

Late yesterday afternoon, Lucara Diamond Corp. (TSX: LUC) (LUCR) announced in a press release the recovery of an exceptional 2,492-carat diamond from its Karowe Diamond Mine in Botswana. 

This diamond was detected and recovered by the firm's Mega Diamond Recovery X-ray Transmission technology, installed in 2017 to identify and preserve large, high-value diamonds. The stone was recovered from the processing of EM/PK(S) kimberlite, the dominant ore type that Lucara will continue to target during the first years of its underground mining operations.

Lucara continues to position itself as a leading producer of large, exceptional diamonds, and this discovery underscores and reaffirms Karowe’s reputation as a world-class asset.

William Lamb, President and CEO of Lucara, said this about the historic discovery: "We are ecstatic about the recovery of this extraordinary 2,492-carat diamond. This find not only showcases the remarkable potential of our Karowe Mine but also upholds our strategic investment in cutting-edge XRT technology. The ability to recover such a massive, high-quality stone intact demonstrates the effectiveness of our approach to diamond recovery and our commitment to maximizing value for our shareholders and stakeholders."

Canadian shares were trading up over 40 percent in morning activity.

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