(Ecofin Agency) - Canadian miner Lucara Diamond, operating the Karowe mine in Botswana, Africa's top diamond producer, recovered 335,769 carats of rough diamonds in 2022.

Lucara Diamond's Karowe mine in Botswana, the world's leading diamond producer, produced 395,134 carats in 2023, an 18% year-on-year increase, the company said on February 20. This meets the lower end of its forecast range of 395,000 to 405,000 carats.

However, revenue generated from the mine fell 16.6% to $177.4 million compared to 2022. Lucara attributed this decline to a combination of factors, including lower global diamond prices and a shift in mined material compared to the prior year. In 2022, the company primarily extracted diamonds from a single zone, while 2023 saw a mix from three different zones.

For 2024, Lucara expects production and sales of 345,000 to 375,000 carats, with projected revenue of $220 million to $250 million. On February 18, the Canadian miner announced a new agreement to sell diamonds above 10.8 carats from Karowe through Belgian trader HB Company.