Sunday, October 1, 2017

Lamb Lassos Entrepreneur of the Year 2017: Mining & Metals

In October 2009, William Lamb got a text message from a friend in South Africa: “Do you have $42 million—because you may need it by the end of the week.” “I knew straight away what it was for,” says the head of Lucara Diamond Corp. (LUC.t), recounting how he heard the tip that De Beers, his alma mater, planned to divest from a diamond project in Botswana. In the days that followed, Lamb and mining magnate Lukas Lundin laid the groundwork for what would become one of the most successful new diamond mines of this decade
The mine is called “Karowe” which means precious stone in the local language. The mine was completed in 2012 on time and within a budget of US$120 million. It is a state-of-the-art operation comprising an open pit mine, crushers, AG mill and a XRT, DMS and XRF recovery plant.

The mine has an annual production of approximately 265,000-285,000 carats per year. Open pit operations into 2026 are anticipated. Sales in 2017 are expected around $200-$220 million, excluding the sale of Lesedi La Rona.