Lucara Diamond Corporation
THE 342 carat diamond discovered at Lucara Diamond’s Karowe mine in Botswana was merely hors d’oeuvre for the thrillingly valuable 1,111 carat monster uncovered in November 2015 – the first rock over 1,000 carats since the Cullinan diamond was discovered over a century ago. So excited was CEO William Lamb that he told the Financial Times he’d been having trouble sleeping. Imagine, though, the glee of Lucara backer, the mining and petroleum tycoon Lukas Lundin? If estimates are correct, the gem could rake in as much as $50m, $1m more than it cost Lundin to buy a 70% stake in Karowe in 2009 when it was still AK6 and fell under the management of the De Beers/African Diamonds joint venture. Lucara was created following Lundin Mining’s takeover of the joint venture in 2010. Fact is, Lucara has been producing high value gems from Karowe for several years and has given Lamb’s Lucara the confidence to support a progressive dividend policy from this year. Production from Karowe has been forecast at some 350,000 carats. Lucara plans to keep working on organic growth at Karowe, but it sold its only other asset, a stake in Lesotho’s Mothae mine to Paragon Diamonds for just over $8m.
LIFE OF WILLIAM
Lamb was at De Beers working on project delivery for some 13 years before joining Lucara in 2008 where he was instrumental in clinching the AK6 deposit, now the fabulous Karowe mine. He has a Masters degree in Business Administration from the University of Edinburgh. As far as we know, he is not distantly related to another William Lamb also known as Lord Melbourne, Britain’s prime minister from 1834 to 1841.
- Web Address: www.lucaradiamond.com