Lucara Botswana Advances Karowe Underground Project With USD 22.7 Million Q3 Investment

Lucara Botswana Advances Karowe Underground Project With USD 22.7 Million Q3 Investment. Lucara Botswana has reported a USD 22.7 million investment in the Karowe Underground Project (UGP) during the third quarter of 2025, as the company continues to progress one of Botswana’s most significant diamond mining developments. The expenditure focused on several key milestones, including production shaft sinking, development of the 310 level to link major shafts, and construction work at the 285 level, which involved concrete works, pump installations, and essential station civil works.

The company confirmed that additional spending was directed toward completing electrical and power installations at both the 355 and 470 levels. Lateral development and surface infrastructure activities also continued throughout the quarter, forming part of the broader strategy to transition Karowe from open pit to long term underground operations.

The UGP is designed to access what Lucara describes as the highest value section of the Karowe orebody, with initial underground carat production expected primarily from the EM/PK(S)2 geological unit. As part of ongoing project refinement, Lucara is currently reviewing the mining method, project cost estimates, and schedule. The company noted strong progress to date, including reaching the bottom of the production shaft in late July 2025 and maintaining an impressive safety record of 2,067 lost time injury free days.

A key component of the review includes analysing orebody geomechanics and modelling potential caving scenarios, which will guide decisions on extraction levels and design considerations for an updated technical report. Detailed engineering work on lateral development is already underway, supported by updates to the life of mine plan based on new simulation results.

Lucara emphasised that the mining method review does not affect ongoing development activities. Current work includes equipping the production shaft, commissioning shaft conveyances, expanding underground infrastructure, and advancing lateral development toward the kimberlite.