Lucara Diamond, which wholly owns the Karowe mine in Botswana, has projected to receive revenue of between $200 million and $230 million in 2023.

It said that the revenue forecast assumes that 52% of the carats recovered will come from the higher value M/PK(S) and EM/PK(S) units within the South Lobe, and the remaining 48% of the carats recovered will come from the Centre Lobe following the mine plan.

Lucara said that it will continue to use three different sales channels to maximise 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,” it said.

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

Lucara expects diamond sales to be 385,000 carats, to 415,000 carats while production is projected to be between 395,000 carats and 425,000 carats in 2023.

The capital costs for the underground expansion are expected to be up to $105 million and will focus predominantly on shaft sinking activities, along with the construction of the bulk air cooler, tendering the underground development contract, and underground equipment purchases, it said.