Tacy LTD - LUCARA EARNS $50.5M FROM YEAR'S FIRST EXCEPTIONAL STONE TENDER

Tacy LTD - LUCARA EARNS $50.5M FROM YEAR'S FIRST EXCEPTIONAL STONE TENDER



14 April 2014

Lucara Diamond Corp. reports that its first Exceptional Stone Tender of 2014 generated gross revenues of $50.47 million, or $42,347 per carat. The special tender of diamonds from the Karowe mine in Botswana, completed on April 10, 2014, consisted of 20 single stone lots totaling 1,191 carats, all of which were sold.

The highest value stones sold were a 167.-carat diamond and an 86.8-carat diamond, which sold for $12.7 million ($75,821/ct) and $5.1 million ($58,627/ct), respectively. Of the 20 diamonds on offer, 15 of these sold for more than $1 million, including eight, which sold for more than $2 million, notes the TSX-listed miner.

In addition to the exceptional stone tender, Lucara held two regular diamond tenders in the first quarter of 2014. A total of 107,500 carats were sold for combined revenues of $33.6 million. This, together with the exceptional stone tender, brings the total year-to-date revenues to $84.06 million, or $782 per carat.

"Strong regular tenders combined with the outstanding results from the exceptional stone tender continue to demonstrate the quality of the Karowe Mine and firmly establishes Karowe as one of the world's leading diamond producers by value, further reinforcing the updated resource statement issued in December 2013," says William Lamb, President and CEO.

According to Lamb, the company's next exceptional stone tender will be scheduled for the third quarter of this year. "Karowe Mine has, this year, produced a number of high value diamonds which we are considering for this tender, including a 153.5-carat gem quality stone."

Heavy haul rail projects to benefit African Energy’s Botswana coal

Heavy haul rail projects to benefit African Energy’s Botswana coal - Energy Business Review

Transnet Freight Rail (TFR) said that in 2015, the construction is
set commence on the 105km heavy-haul coal rail link between Botswana and
South Africa, immediately after the completion of feasibility studies.



The construction is a part of a R300 billion infrastructure investment program initiated by TFR.

Approximately
R40 billion has been allocated by TFR for the construction of this rail
link which will link into existing coal heavy-haul railway lines.



Designed
to carry 40-80 million tons per year, the rail link will transport coal
from Botswana into South Africa for state-electricity generator Eskom,
or exported through the seaborne market.



Gama said, "We are
planning to develop the Richards Bay Coal Terminal to support the
expected [volumes] from Botswana and the Waterberg coalfield in South
Africa."