(Ecofin Agency) - Lucara Diamond has postponed production at its Karowe diamond mine in Botswana from H2 2026 to H1 2028. According to the company, the launch was postponed due to the project's slow progress.

Lucara announced on March 31, 2025, that it will directly manage the underground extension project (UGP) implementation at Karowe. The company terminated its engineering, procurement, and construction management contract with JDS Energy & Mining Inc., which had been overseeing development activities.

Moving forward, JDS Energy & Mining will focus only on specific technical aspects, while Lucara will take control of all contracts and activities related to the project.

“By taking direct control of site-based activities, we are positioning ourselves to respond more rapidly to project needs and challenges. This approach will enable us to drive the UGP forward with greater efficiency and precision, ultimately delivering enhanced value to our shareholders and stakeholders," Lucara CEO William Lamb explained.

The $683 million project aims to extend Karowe’s life until at least 2040 and generate approximately $4 billion in additional revenue for Lucara. However, Lucara has not yet outlined its strategy for accelerating development work.

The diamond market’s recent struggles add further pressure to the project’s profitability. Rough diamond prices fell by 18% in 2024 and dropped another 2% between January and mid-February 2025, according to analyst Paul Zimnisky.

This article was initially published in French by Aurel Sèdjro Houenou (intern)

Edited in English by Ange Jason Quenum