Lucara Diamond Seeking African Acquisitions

Bloomberg reported that after discovering “a bonanza of large stones” at its Botswana-based Karowe mine, Lucara Diamond Corp. (TSX:LUC) is looking for acquisition opportunities in Africa. CEO William Lamb believes the company will be able to buy or team up with a company developing a diamond mine “with annual sales of at least $100 million.”

As quoted in the market news:

‘That’s really what we want to focus on,’ Lamb, 42, said last week in an interview at Lucara’s Vancouver headquarters. ‘We’re still only a company of one asset. To de-risk you want at least two assets, two producing entities.’

Three big-stone finds announced March 18 prompted Lucara, with a market value of C$304.8 million ($295 million), to hold a special auction of rough diamonds in May that reaped $24.9 million. Lucara said today in a statement it will hold a second sale of 16 stones, including five diamonds larger than 100 carats.

Click here to read the full Bloomberg report.