Country
Botswana
Sector
Mining & Minerals
Intelligence Type
Project
Status / Stage
Under Construction
Estimated Value
USD Million 547
Confidence
Confirmed
Latest Development
Lucara Diamond’s $547m Karowe Underground Expansion extends the mine (producer of the world’s largest gem diamonds — including the 1,758-carat Sewelô) from open-pit to underground, extending mine life from 2026 to 2040+. Financed by IFC and commercial debt.
Project Details
Project TypeUnderground mine expansion — shaft sinking, sub-level caving
Project OwnerLucara Diamond Corp (81%); Botswana government (19%)
Main ContractorMurray & Roberts Cementation (shaft sinking)
Financing InstitutionIFC; Botswana government; commercial lenders
Start Date2021
Expected CompletionFirst underground ore: 2026-2027
Current PhaseConstruction
Funding StatusClosed
Latest Development (Detail)
Underground development ongoing. First ore expected 2026-2027.
What Happens Next
First underground ore production.
Commercial Opportunity
Extends Karowe's production of exceptional large diamonds to 2040 — unique asset globally.
Commercial Opportunity Intelligence
Commercial ReadinessCommercially Active
Source & Verification Trail
Last VerifiedAugust 2026
Source(s)Lucara Diamond quarterly reports; IFC project page; Mining Review
Source Date2025–2026