Lucara Diamond Corp.
Lucara Diamond is a diamond mining company whose sole operating asset is the Karowe Mine in Botswana, notable for recovering some of the largest gem-quality diamonds ever found. The company is developing the Karowe Underground Project to access the highest-value portion of the orebody and extend mine life to at least 2040 (mining license valid through 2046): pre-production capital of US$779 million, after-tax unlevered NPV at 8% of US$432.1 million, targeting >US$1.3 billion net income and ~US$4 billion in additional revenue over the extension (conservative diamond price assumptions). Underground development/stockpile processing runs 2026-2027, commercial underground operations begin 2028, full production 2028-2038, at a steady 2.85 million tonnes/year throughput. Lucara ended Q1 2026 with cash of $244.3 million (up from $31.9M at 31 Dec 2025) after fully repaying $220.0 million of project debt, following a C$165.0 million equity financing (Jan 2026) and a $350.0 million senior secured bond issuance (Mar 2026) to fund the underground project. Commodity modeled as OTHER (diamonds) -- this repo's Commodity enum has no dedicated diamond category.
Notable vs. Peers
- Financials score of 1/10 is weaker than the peer average of 6.3/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Karowe (AK6) operates under Mining Licence No 2008/6L, whose designation indicates original grant in 2008 -- under the De Beers/African Diamonds joint venture, before Lucara's 2009-2010 acquisition of full ownership. Exact grant day not confirmed from available sourcing -- recorded reached-but-undated. (The licence was later renewed effective January 4, 2021 for a further 25 years, a separate, later event.) · Source
- Reached — date not disclosed · Lucara's decision to develop Karowe as an open-pit diamond mine (capex of approximately US$120M, 2.5Mtpa capacity, ~400,000 carats/year) came in 2010, coinciding with Lucara's consolidation of 100% ownership (De Beers' 70% stake sold to Lucara in 2009; remaining joint-venture partners' shares acquired by Lucara by end of 2010). Exact decision day not confirmed from available sourcing -- recorded reached-but-undated. · Source
- Reached — date not disclosed · Karowe was in active construction through 2011, with mine commissioning scheduled for Q4 2011 per contemporaneous (August 2011) reporting; construction was completed in March 2012 and commissioning works in April 2012. No single dated 'construction start' release found; recorded reached-but-undated (2011). · Source
- Reached — date not disclosed · The first sale of rough diamonds from Karowe was achieved in June 2012 (commercial production followed in July 2012, full production capacity reached in August 2012). Exact day within June not confirmed from available sourcing -- recorded reached-but-undated. · Source
- Reached — date not disclosed · Genuinely reached with a clean single-asset story, but only month/year precision was found (no specific day): Karowe mine (Botswana)'s commercial production was declared in July 2012 (first diamonds produced 2012-04-23, a distinct, earlier milestone). Rather than guess a specific day, achievedDate is left null (matching the Bellevue Gold precedent, batch4). Karowe is Lucara's sole diamond mine. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
President and CEO of Lucara Diamond Corp.
Chief Financial Officer of Lucara Diamond Corp.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Nemesia S.a.r.l., the Lundin family's private investment vehicle, is Lucara Diamond's largest shareholder at roughly 30.8%, built through a series of cash purchases including a fresh acquisition in January 2026. A Lundin family member personally bought shares on the open market in December.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Karowe Mine, Botswana: currently-producing open pit carries no independent NPV/IRR study of its own on file. The figure here is from Lucara's 2025 Feasibility Study Technical Report (JDS Energy & Mining Inc., effective 30 Sep 2025) for the Karowe UNDERGROUND Project -- the next development phase of this same single mine (Lucara's sole operating asset) -- After-tax unlevered NPV8% of US$432.1 million (excludes impact of interest deductibility on tax and costs already incurred), pre-production capital US$779 million (US$436M already spent, US$343.2M remaining), sustaining capital over LOM US$240.9 million, total LOM capital incl. closure US$1,020.1 million. Underground production runs 2028-2038 (full production phase), extending overall mine life to at least 2040 (mining license valid through 2046); LOM diamond recoveries 4.5 million carats, diamond revenue projection US$3,365 million, expected net income >US$1.3 billion. IRR was NOT disclosed anywhere in this Feasibility Study or its press coverage -- checked directly against the study's own announcement and technical-report summary, confirmed genuinely absent, not an oversight. Same figures already recorded at the Project level (Karowe Underground Project row) per the prior Task #373 seeding pass; written here too because this Miner record represents a single-mine company where the underground phase is definitionally this company's headline growth economics, not a separate/partial-scope business unit (contrast SLP's Thaba JV or VALT's multi-mine Group, this same wave 6 batch, where a growth-project figure is NOT written at Miner level for exactly that reason). ouncesFound is a genuine, separate gap: diamonds are reported in carats, not troy ounces -- this repo's ouncesFound field cannot hold a real number without a fabricated unit conversion.