Canadian conceived diamond outfit, Lucara Diamond Corporation through its subsidy Lucara Botswana is assessing the possibility of taking the underground mining route at its flagship diamond resource in Boteti district.
The Botswana Stock Exchange listed company is a leading independent producer of large exceptional quality Type IIa diamonds from its 100% owned Karowe Mine located in the Boteti district. Lucara hinted this possibility in their 2018 Quarter 3 released this week. According to the Vancouver headquartered Diamond Corporation an updated mineral resource was announced for the AK06 kimberlite during 2018 Q2.
The updated Mineral Resource Estimate was completed by Mineral Services Canada Inc. The estimate is based on historical evaluation data combined with new sampling results of microdiamond, bulk density and petrography from recent deep core drilling and from historical drill cores. Lucara further explains that new delineation drill coverage and review of historical drill cores supported an update of the internal geological model. Production data which includes a controlled production run from the Eastern magmatic-pyroclastic kimberlite and recent sales-valuation results have been incorporated into the grade and value estimates, which have been made based on an updated model of process plant recovery efficiency.
Eira Thomas, President and Chief Executive of Lucara shared that during Q3 2018, an updated Open Pit Mineral Reserve was declared and a National Instrument 43-101 Technical Report was filed. The in situ Mineral Reserve for AK06with an effective date of May 25, 2018 is within the probable category containing 19.84 Million tonnes with a recoverable grade of 13.08 carats per hundred tonne for 2.60 Million carats with an average price per carat of $ 624/ct.
“Life of Mine and Working stockpiles contribute an additional 5.56 Million tonnes with a recoverable grade of 6.7 carats per hundred tonne with an average price of $625/ct. The recoverable grade is based on the updated Mineral Resource estimate as presented in the technical report (1.25 mm bottom cut off size – BCOS) at 70% of in situ carats at 1.00 mm bottom cut off size,” explained Thomas. She further shared that, “These new results are being used for mine planning and to support the preparation of current feasibility-level studies for the potential development of an underground mine, after the completion of the current open pit mine.”
2018 Q3 PERFORMANCE
On the side of financial performance for the 3 month period ended September 30th Lucara registered flat figures in comparison to 2017 Quarter 3. The company achieved revenues of $45.7 million or $450 per carat for its sales in the third quarter, yielding an operating margin of 59% during the period. Included in the Q3 2018 revenue are proceeds of $3.9 million from the June RST which were received in July 2018.
The third quarter of 2018 saw Lucara host its first blended tender process in which both regular and exceptional diamonds, recovered in the period May-August, were sold achieving an average price per carat of $467 from the sale of 89,461 carats compared to Q3 2017 figure of 64,289 carats signaling a 39% increase in the number of carats sold as compared to the same quarter last year. Lucara Executives observe that overall lower revenues reflect natural variability in the number and quality of exceptional diamonds recovered in any quarter.
Lucara sold the historic tennis ball size Lesedi Larona during the third quarter of 2017 recognizing revenue of $53 million ($47,777 per carat). The increase in the number of carats available for sale in the September tender follows commissioning of the sub-middles circuit in Q3 2017 and increased efficiency in diamond recovery in the smaller sizes during 2018. The number of carats recovered in Q3 2018 (127,031 carats) was more than double the number of carats recovered in Q3 2017 (62,425 carats).
In Q3, Lucara also began setting aside diamonds in the one to fifteen carat size range in the better colors and qualities, for sale on Clara, Lucara’s secure digital rough diamond sales platform. The removal of these diamonds from traditional tender sales will have an impact on the overall achieved average sales price, however, these differences will be captured and reconciled in the results reported through Clara. The inaugural sale on Clara is planned and tracking on schedule to take place later in November, 2018.
While there is no hard-and-fast rule in politics, former Molepolole North Member of Parliament, Mohamed Khan says populism acts in the body politic have forced him to quit active partisan politics. He brands this ancient ascription of politics as fake and says it lowers the moral compass of the society.
Khan who finally tasted political victory in the 2014 elections after numerous failed attempts, has decided to leave the ‘dirty game’, and on his way out he characteristically lashed at the current political leaders; including his own party president, Advocate Duma Boko. “I arrived at this decision because I have noticed that there are no genuine politics and politicians. The current leaders, Boko and President Dr Mokgweetsi Masisi are fake politicians who are just practicing populist politics to feed their egos,” he said.
Former Botswana Democratic Party (BDP) parliamentary hopeful, Lawrence Ookeditse has rejected the idea of taking up a crucial role in the Botswana Patriotic Front (BPF) Central Committee following his arrival in the party this week. According to sources close to development, BPF power brokers are coaxing Ookeditse to take up the secretary general position, left vacant by death of Roseline Panzirah-Matshome in November 2020.
Ookeditse’s arrival at BPF is projected to cause conflicts, as some believe they are being overlooked, in favour of a new arrival. The former ruling party strategist has however ruled out the possibility of serving in the party central committee as secretary general, and committed that he will turn down the overture if availed to him by party leadership.
Ookeditse, nevertheless, has indicated that if offered another opportunity to serve in a different capacity, he will gladly accept. “I still need to learn the party, how it functions and all its structures; I must be guided, but given any responsibility I will serve the party as long as it is not the SG position.”
“I joined the BPF with a clear conscious, to further advance my voice and the interests of the constituents of Nata/Gweta which I believe the BDP is no longer capable to execute.” Ookeditse speaks of abject poverty in his constituency and prevalent unemployment among the youth, issues he hopes his new home will prioritise.
He dismissed further allegations that he resigned from the BDP because he was not rewarded for his efforts towards the 2019 general elections. After losing in the BDP primaries in 2018, Ookeditse said, he was offered a job in government but declined to take the post due to his political ambitions. Ookeditse stated that he rejected the offer because, working for government clashed with his political journey.
He insists there are many activists who are more deserving than him; he could have chosen to take up the opportunity that was before him but his conscious for the entire populace’s wellbeing held him back. Ookeditse said there many people in the party who also contributed towards party success, asserting that he only left the BDP because he was concerned about the greater good of the majority not individualism purposes.
According to observers, Ookeditse has been enticed by the prospects of contesting Nata/Gweta constituency in the 2024 general election, following the party’s impressive performance in the last general elections. Nata/Gweta which is a traditional BDP stronghold saw its numbers shrinking to a margin of 1568. BDP represented by Polson Majaga garnered 4754, while BPF which had fielded Joe Linga received 3186 with UDC coming a distant with 1442 votes.
There are reports that Linga will pave way for Ookeditse to contest the constituency in 2024 and the latter is upbeat about the prospects of being elected to parliament. Despite Ookeditse dismissing reports that he is eying the secretary general position, insiders argue that the position will be availed to him nevertheless.
Alternative favourite for the position is Vuyo Notha who is the party Deputy Secretary General. Notha has since assumed duties of the secretariat office on the interim basis. BPF politburo is expected to meet on 25th of January 2020, where the vacancy will be filled.
Botswana Democratic Party (BDP) big wigs have decided to cancel a retreat with the party legislators this weekend owing to increasing numbers of Covid-19 cases. The meeting was billed for this weekend at a place that was to be confirmed, however a communique from the party this past Tuesday reversed the highly anticipated meeting.
“We received a communication this week that the meeting will not go as planned because of rapid spread of Covid-19,” one member of the party Central Committee confirmed to this publication. The gathering was to follow the first of its kind held late last year at party Treasurer Satar Dada’s place.