Lucara Diamond Corp. is pleased to provide operating guidance for 2022 . Please view PDF version 2022 OUTLOOK This section provides management's production and cost estimates for 2022. These are "forward-looking statements" and subject to the cautionary note regarding the risks associated with forward-looking statements. Eira Thomas, President and CEO commented: "The business environment for diamonds and diamond ...

 (TSX: LUC) (BSE: LUC) (Nasdaq Stockholm: LUC)

Lucara Diamond Corp. ("Lucara" or the "Company") is pleased to provide operating guidance for 2022 (all amounts in USD unless otherwise stated). Please view PDF version


This section provides management's production and cost estimates for 2022. These are "forward-looking statements" and subject to the cautionary note regarding the risks associated with forward-looking statements.

Karowe Mine (all amounts in US Dollars)

Full Year 2022

Diamond revenue

$185 million to $215 million

Diamond sales

300,000 carats to 340,000 carats

Diamonds recovered

300,000 carats to 340,000 carats

Tonnes mined – Ore

3.1 million to 3.5 million

Tonnes mined – Waste

1.5 million to 2.1 million

Tonnes processed – Ore

2.6 million to 2.8 million

Total operating cash costs per tonne processed (including (a) to (b)

$29.50 to $33.50

(a)      Cash cost per tonne mined (ore and waste)

$5.75 to $6.25

(b)      Cash cost per tonne processed

$12.00 to $13.00

Botswana G&A expenses, including sales and marketing, per tonne

$3.50 to $4.00

Tax rate


Average exchange rate – USD/Pula


Eira Thomas, President and CEO commented: "The business environment for diamonds and diamond jewellery is the healthiest we've seen in several years, spurred on by an improvement in global supply and demand fundamentals, a trend which is expected to continue. In 2022, our tenth year of operations at Karowe, Lucara anticipates producing up to 340,000 carats which will be sold through its innovative, multi-sales channel approach generating revenues between $185 and $215 Million . This does not include any estimated contributions of revenue from large, exceptional diamonds that have historically formed a regular part of Karowe's production profile. The completion of a supplemental debt financing package in 2021 to support our underground expansion project was a significant de-risking milestone for the company and the project, which was $64 Million spent by Q3 2021 and 20% complete. The underground expansion at Karowe provides access to the richest portion of the orebody and will extend minelife to at least 2040. The project remains on schedule and budget, with a forecasted spend of up to $110 Million in 2022."


In 2022, the Company's revenue forecast assumes that 100% of the carats recovered will come from the higher value M/PK(S) and EM/PK(S) units within the South Lobe in accordance with the mine plan, generating revenue between $185 and $215 million in 2022. The Company will continue to use three different sales channels to maximize revenue and generate consistent cash flow to support the Company's operations and its investment in the underground expansion project. Higher value stones greater than +10.8 carats in size will continue to enter the manufacturing pipeline at HB, giving the Company exposure to polished prices and regular cash flow from the highest value portion of the Karowe production.

Quarterly tenders and regular sales through Clara, primarily for stones less than 10.8 carats in size will continue, consistent with the practise from previous years.


Following the successful project financing for the Karowe underground expansion project in mid-2021, the open pit mine plan was revised to extend the life of the open pit into 2026. Centre lobe material, combined with ore from the underground development will replace lower grade stockpiles towards the end of the open pit mine life. In 2022, the Company expects to mine between 4.6 and 5.6 million tonnes, of which ore tonnes mined represent approximately two-thirds of total tonnes mined. The assumptions for carats recovered and sold as well as the number of tonnes processed are consistent with achieved performance in recent years.


In 2022, capital costs for the underground expansion are expected to be up to $110 million and will focus on the commencement of shaft sinking activities, the commissioning of power and detailed engineering for the underground development. Sustaining capital and project expenditures are expected to be up to $17 million with a focus on completion of a community sports facility, dewatering activities and an expansion of the tailings storage facility.


Lucara Botswana's progressive tax rate computation allows for the immediate deduction of operating costs, including capital expenditures, in the year in which they are incurred. Based on 2022 revenue guidance of $185 million to $215 million and assuming the underground development expenditures of $110 million , the tax rate is expected to be 0% for 2022.


Clara, Lucara's 100% owned proprietary, secure, web-based digital sales platform, continues to grow in terms of volume transacted and customer participation. The number of buyers on the platform as of Q3 2021 was 87 and the Company continues to maintain an active waiting list to manage supply and demand. Platform trials and discussions with third party suppliers of rough diamonds are ongoing to build supply, which remains a key objective for 2022 and beyond. The rationale for a web based digital sales platform for the transaction of rough diamonds has never been stronger, sparked by industry's need for increased transparency, global restrictions on travel, and a new openness to the use of innovation and technology to create a more efficient supply chain.

On behalf of the Board,

Eira Thomas
President and Chief Executive Officer

Follow Lucara Diamond on Facebook , Twitter , Instagram , and LinkedIn


Lucara is a leading independent producer of large exceptional quality Type IIa diamonds from its 100% owned Karowe Mine in Botswana and owns a 100% interest in Clara Diamond Solutions, a secure, digital sales platform positioned to modernize the existing diamond supply chain and ensure diamond provenance from mine to finger. The Company has an experienced board and management team with extensive diamond development and operations expertise. The Company operates transparently and in accordance with international best practices in the areas of sustainability, health and safety, environment, and community relations.

The information is information that Lucara is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. This information was submitted for publication, through the agency of the contact person set out above, on November 24, 2021 at 4:30am Pacific Time .


Certain of the statements made and contained herein and elsewhere constitute forward-looking statements as defined in applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. The Company believes that expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be accurate and such forward-looking information included herein should not be unduly relied upon.

In particular, this release may contain forward looking information pertaining to the following: the impact of COVID-19 pandemic on the Company's operations and cash flows and its plans with respect to the Karowe underground expansion project; the estimates of the Company's mineral reserves and resources; estimates of the Company's production and sales volumes for the Karowe Diamond Mine; estimated costs for capital expenditures related to the Karowe Diamond Mine; production costs; exploration and development expenditures and reclamation costs; expectation of diamond prices and the potential for the supply agreement with HB to achieve both higher prices from the sale of polished diamonds and to provide more regular cash flow than in previous periods; estimates of variable consideration receivable pursuant to the HB supply agreement; changes to foreign currency exchange rates; assumptions and expectations related to the ongoing development of an underground mining operation at Karowe including associated capital costs and timing; expectations in respect of the development and functionality of the technology related to the Clara platform, the intended benefits and performance of the Clara platform, including ability to complete sales without viewing diamonds,  the growth of the Clara platform, the timing and frequency of sales on the Clara Platform, and the quantum and timing of participation of third parties on the Clara platform; expectations regarding the need to raise capital and its availability; possible impacts of disputes or litigation; and other risks and uncertainties described under the heading "Risks and Uncertainties" in the Company's most recent Annual Information Form available at (the "AIF").

There can be no assurance that such forward looking statements will prove to be accurate, as the Company's results and future events could differ materially from those anticipated in this forward-looking information as a result of those factors discussed in or referred to under the heading "COVID-19 Global Pandemic" in the Company's most recent MD&A and under the heading "Risks and Uncertainties" in the Company's most recent Annual Information Form, both available at , as well as changes in general business and economic conditions, the ability to continue as a going concern, changes in interest and foreign currency rates, the supply and demand for, deliveries of and the level and volatility of prices of rough diamonds, costs of power and diesel, acts of foreign governments and the outcome of legal proceedings, inaccurate geological and recoverability assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), and unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalations, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job actions, adverse weather conditions, and unanticipated events relating to health safety and environmental matters).

Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, and the Company does not assume any obligations to update or revise them to reflect new events or circumstances, except as required by law.

SOURCE Lucara Diamond Corp.

Cision View original content to download multimedia:

News Provided by Canada Newswire via QuoteMedia

IIROC Trading Resumption - TRS

IIROC Trading Resumption - TRS

Trading resumes in:

Company: Tres-Or Resources Ltd.

Keep reading... Show less
Tres-Or Amends and Restates the Option on It's Fontana Gold Project in Québec

Tres-Or Amends and Restates the Option on It's Fontana Gold Project in Québec

Tres-Or Resources Ltd. (TSXV: TRS) (OTC Pink: TRSFF) ("Tres-Or" or the "Company") announces that it has reached an agreement with Kiboko Gold Inc. ("Kiboko") to amend and restate the original option agreement between the parties dated June 6, 2019 (the "Original Agreement").

About the Fontana Gold Project

Keep reading... Show less
IIROC Trading Halt - TRS

IIROC Trading Halt - TRS

The following issues have been halted by IIROC:

Company: Tres-Or Resources Ltd.

Keep reading... Show less

Mountain Province Diamonds Adds Strategic Claims to the Kennady North Project


Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTCQX: MPVD) today provides an update for its 100%-held Kennady North Project. Following staking in early 2020 that increased the Kennady North Project area by 35 percent, three additional claims have now been staked and filed with the government recorder for the Northwest Territories . These new claims are important to Mountain Province Diamonds as they are to the east of significant clusters of kimberlite indicator minerals, as well as the previously identified MZ Kimberlite, both of which require further review. Additionally, the three claims connect the Kennady North land package into one contiguous area which now includes 30 federal leases and 94 claims that total 107,373 hectares and completely surrounds the Gahcho Kué Mine. Mountain Province is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine.

Keep reading... Show less
InvestmentPitch Media Video Discusses Tres-Or Resources' First Macrodiamond Drill Program at its Guigues Kimberlite Pipe in Québec - Video Available on

InvestmentPitch Media Video Discusses Tres-Or Resources' First Macrodiamond Drill Program at its Guigues Kimberlite Pipe in Québec - Video Available on

 Tres-Or Resources (TSXV: TRS) (OTC Pink: TRSFF), a Canadian resource company focused on exploring for diamonds and gold in Quebec, has completed the company's first macrodiamond drill program at its Guigues Kimberlite Pipe in Québec. The company's 100% owned flagship project, the Guigues Kimberlite pipe, is located 10 kilometres from Notre-Dame-du-Nord, in southwestern Quebec.

For more information, please view the InvestmentPitch Media "video" which provides additional information on the company and this news, along with some comments from Laura Lee Duffett, President and CEO of Tres-Or. If this link is not enabled, please visit and enter "Tres-Or" in the search box.

Keep reading... Show less
Macrodiamond Drill Program Completed at Tres-Or's Guigues Pipe in Quebec

Macrodiamond Drill Program Completed at Tres-Or's Guigues Pipe in Quebec

Tres-Or Resources Ltd. (TSXV: TRS) (OTC Pink: TRSFF) ("Tres-Or" or the "Company") is pleased to report completion of the Company's first macrodiamond drill program at the Guigues Kimberlite Pipe in southwestern Québec. The planned 5 holes have been completed to 300.00 m each, providing more than 10 tonnes of kimberlite sample for mini-bulk macrodiamond testing. Four of the holes ended in kimberlite at 300.00 m, and the fifth hole entered metasediment county rock at 262.10 m. The drill was operated 24 hours a day by Forage DCB Drilling Inc. of Rouyn-Noranda, Quebec and finished the entire 1,500 m of HQ (64 mm diameter) core program in one week.

Cannot view this image? Visit:

Keep reading... Show less

Top News

Related News