# Karowe diamond mine underground project, Botswana – update

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/karowe-diamond-mine-underground-project-botswana-ndash-update--f4acdd05-5d21-4554-8b18-3778304b31f3

Original source: https://www.miningweekly.com/article/karowe-diamond-mine-underground-project-botswana-update-2026-09-04

Publisher: miningweekly

Original announcement: 2026-09-03T22:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Lucara Diamond Corp

- Ticker: Unavailable

- Exchange: Unavailable

- Region: Botswana

- Primary commodity: Diamond

- Secondary commodities: None reported

- Document categories: Resource update, Production

- Extracted: 2026-09-04 08:41:34 UTC

Narrative sentiment: 0.60 · Bullish

## Minestarters Atlas summary

Lucara Diamond Corp has updated its Karowe underground project in Botswana, supported by a 2025 feasibility study. The project includes 37.3 million tonnes of probable reserves at 12.2 cpht and is expected to reach full-scale underground production in the first half of 2028.

Reasoning: The update provides a comprehensive overview of the 2025 feasibility study, confirming significant probable reserves and a robust NPV for the transition to underground mining.

- Positive factor: Probable reserves established for underground project

- Positive factor: Strong NPV of $432.1-million

- Positive factor: Project on schedule for 2028 production despite minor headframe delay

- Positive factor: Mining licence secured until 2046

- Negative factor: Six-week delay to production-shaft headframe construction noted

Facts used in scoring: 3

## Classification and evidence

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The 2025 mineral reserve estimate is classified as probable reserves.

Evidence · text

> all classified as probable reserves

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document provides an update on the feasibility study and mineral reserve estimate.

Evidence · text

> Karowe diamond mine underground project, Botswana – update

## Extracted facts

Stored fact records: 3. Some facts used in scoring do not have a stored record.

## Resource Estimates (3)

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/karowe-diamond-mine-underground-project-botswana-ndash-update--f4acdd05-5d21-4554-8b18-3778304b31f3#fact-resource-facts-0)

diamond

#### Identity

- Commodity: diamond

#### Resource Data

- Category: probable
- Tonnes: 37300000
- Grade: 12.2
- Grade Unit: cpht
- Contained Metal: 4547000
- Contained Unit: ct

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-03T00:00:00.000Z

Reasoning: Total probable reserves for the project are clearly stated.

- Positive factor: Significant total reserve tonnage

Evidence · text

> 2025 mineral reserve estimate, effective September 30, 2025, totals 37.3-million tonnes containing 4.547-million carats at 12.2 carats per hundred tonnes \(cpht\), all classified as probable reserves

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/karowe-diamond-mine-underground-project-botswana-ndash-update--f4acdd05-5d21-4554-8b18-3778304b31f3#fact-resource-facts-1)

diamond

#### Identity

- Commodity: diamond

#### Resource Data

- Category: probable
- Tonnes: 28500000
- Grade: 12.9
- Grade Unit: cpht
- Contained Metal: 3669000
- Contained Unit: ct

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-03T00:00:00.000Z

Reasoning: Specific underground portion of the probable reserves is disclosed.

- Positive factor: High-grade underground component

Evidence · text

> includes underground reserves of 28.5-million tonnes containing 3.669-million carats at 12.9 cpht

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/karowe-diamond-mine-underground-project-botswana-ndash-update--f4acdd05-5d21-4554-8b18-3778304b31f3#fact-resource-facts-2)

diamond

#### Identity

- Commodity: diamond

#### Resource Data

- Category: probable
- Tonnes: 7600000
- Grade: 9.8
- Grade Unit: cpht
- Contained Metal: 745000
- Contained Unit: ct

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-03T00:00:00.000Z

Reasoning: Stockpile reserves are clearly delineated from underground reserves.

- Positive factor: Provides immediate feed via stockpiles

Evidence · text

> stockpile reserves of 7.6-million tonnes containing 745 000 ct at 9.8 cpht

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.