May 17, 2020

Written in the stars: Lucara Diamond sells rough diamond for a record $63million

Luicara diamond corp
Constellation Diamond
Lesedi la Rona
Dale Benton
1 min
The Constellation diamond, the 813 carat rough diamond. (Picture: Lucara Diamond Corp)
Lucara Diamond Corp has sold its ‘Constellation diamond, weighing in at 813 carats, for an unprecedented $63million – a record for a rough c...

Lucara Diamond Corp has sold its ‘Constellation’ diamond, weighing in at 813 carats, for an unprecedented $63million – a record for a rough cut diamond.

The Constellation diamond was found in the Karowe mine in Botswana, the same mine where the “Lesedi la Rona” diamond was also discovered in November 2015.  The Lesedi la Rona is expected to bring up to $90million in a June auction this year.

Read: Giant diamond found in Canadian mine predicted to bring $90million.

Following the sale, the diamond mining company has entered a partnership with Nemesis International DMCC with Lucara keeping a 10% interest in the net profit of any future sales of the resultant diamonds.

William Lamb, President and CEO of Lucara Diamond Corp, said, "The sale of the 813 carat diamond is the highest price ever achieved for a rough diamond, breaking all records. This achievement solidifies our reputation in the jewellery industry as one of the most important sources of diamonds of the very highest quality."

"We look forward to the next stage of Lucara's development with the sale of the spectacular 1,109 carat, Lesedi La Rona diamond which will take place at Sotheby's London on June 29, 2016." he said.

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Jun 29, 2021

Vale invests $150mn to extend life of Manitoba operations

battery metals
2 min
Vale’s $150mn investment in operations at Thompson, Manitoba will extend mine life by 10 years

Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.

Global energy transition is boosting the market for nickel

The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.

“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.

“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”

Vale continues drilling program at Manitoba

Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.

“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.

“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”

The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history.  Mining of the Thompson orebody began in 1961.

“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.

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