LUCARA Diamond said on Wednesday it had concluded the sale of two diamonds – the 549 carat Sethunya diamond and the 1,080 carat Eva Star – for a total of $54m.
In terms of an agreement with shareholders $16m of the final $24m tranche for the diamonds will be put towards the firm’s project facility for the underground expansion of Karowe, the mine in Botswana that yielded the diamonds.
As Lucara had received $20m in previous years for the diamonds, today’s payment of $24m represents the balance of their consideration. Of this, $16m and $8m were received in the fourth quarter of last year and first quarter of 2025 respectively, the company said.
A total of $44m was received by Lucara in revenue net of fees, excluding royalties.
The Sethunya was recovered in 2021, and the Eva Star, discovered in 2023. They were recovered from the South Lobe of Karowe which has yielded enormous stones in the past for Lucara including the 1,111 carat Lesedi La Rona and recently a 2,492-carat stone that could exceed in value what Lucara paid for De Beers’ share of Karowe.
Lucara said in December it would spend about $115m in 2025 in order to complete construction of the Karowe underground expansion. The project, which has a total capital cost of about $683m, will extend the life of Karowe until 2040.
The underground expansion at Karowe was initially planned to be completed before the open pit reserves were exhausted. But shaft sinking delays related to unforseen geological complexities, led to a capex and scheduling blow-out in 2023 that cost former CEO Eira Thomas her job.
Commenting on the completion of the sale of Sethunya and Eva Star, Lamb said the discoveries “further validate our investment in the Karowe underground project.
“The unique characteristics of Karowe’s kimberlite, particularly in the South Lobe, continue to amaze us with its ability to produce diamonds of exceptional size and quality,” he said.
