DAILY NEWS Jan 8, 2013 2:35 PM - 0 comments

Lucara uncovers more blue diamonds at Karowe

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2013-01-08

Blue diamonds continue to pop up at Lucara Diamond's (LUC-T) Karowe diamond mine, in Botswana.

 

The junior announced today it has recovered two more of the rare gems, bringing the total to four so far. Production at Karowe began in July 2012.

 

The stones weigh 4.77 carats and 0.2 carat, respectively.

 

Lucara sold a 9.46-carat blue diamond from Karowe for $4.5 million ($477,272 per carat) last year, as well as a 0.64-carat blue diamond that fetched $24,500.

 

The company sold $54 million worth of Karowe diamonds in 2012, with the mine producing more than 230,000 carats.

Lucara expects 2013 production to reach roughly 400,000 carats.

 

The stock traded today at 64¢ in a 52-week range of 49¢ to $1.20. The company has 376 million shares outstanding.

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