Lucara Announces Board and Management Changes
Lucara Diamond Corp. (“Lucara” or the
“Company”) wishes to announce that effective today, William Lamb
will be retiring as Lucara’s Chief Executive
Officer and stepping down from the Board of Directors. Eira
Thomas, a founder and director of the Company will be assuming the
role of CEO. In addition, Catherine McLeod Seltzer, also a Lucara
Co-Founder, will be joining the Board of Directors.
Under Mr. Lamb’s leadership, the Company’s
flagship Karowe mine has evolved into one of the world’s
highest margin diamond mines and the foremost producer
of large, Type IIA diamonds in excess of 10.8
carats, including the historic 1,109 carat Lesedi La Rona
(second largest gem diamond ever recovered) and the 813
carat Constellation (sold for a record US$63.1 million). Mr.
Lamb galvanized Lucara’s reputation as an innovator,
championing its technologically advanced mine design to
optimize revenues and minimize diamond losses
through both autogenous milling and the use of X-ray
transmission sorters to preserve large, high value stones and to
create a simpler, more secure and efficient flowsheet. The
Board would like to sincerely thank William for his many
contributions during his tenure and is pleased to further announce
that William has agreed to remain closely associated with the
Company in an ongoing role as a technical advisor.
William Lamb commented, “I am proud to have
served as Lucara’s CEO for almost a decade, during which
time, Karowe was taken from feasibility through to a steady
state, world class, operating diamond mine. The recent acquisition
of Clara marks an exciting milestone for the Company and is
consistent with our approach of looking well beyond existing
industry practice, adopting innovation and progressive development
as a key pillar of the Company’s success. Eira, as the
new CEO, will be well supported by a focused and experienced team
at Karowe as we look to expand the mine undergound, and I am
pleased be taking on a key advisory role as we embark upon this
next, exciting phase in Lucara’s development.” Lukas Lundin,
Chairman of the Company commented, “I would like to welcome
Eira into her new role of CEO of Lucara and commit my support to
the ongoing and long-term success of the Company
as we work to execute on an exciting new growth
opportunity with the acquisition of Clara Diamond Solutions.
We believe that Clara will not only modernize the entire
diamond sales process but unlock additional value for all
participants across the diamond market. Given Eira’s
deep understanding of our business and her relationships across the
diamond world, she is uniquely positioned to lead both
Lucara’s operating business and this exciting new initiative. I
would also like to personally thank William for his dedication and
passion, taking Lucara from a development opportunity through to
one of the most successful and profitable diamond mines, creating
history through the adoption of innovative technology.”
Assuming the role of CEO, Eira brings more than
25 years experience in the mining industry, including 16 years with
Aber Diamond Corporation (now Dominion Diamond), where she served
in ever increasing roles from initial discovery as a geologist to
Vice President Exploration and ultimately a Director of the Board.
She was co-founder of Stornoway Diamond Corp., serving first
as CEO and then as Executive Chairman. There she led the
acquisition of the Renard diamond deposit which subsequently became
Quebec’s first diamond mine. In 2007, she
founded Lucara with partners Lukas Lundin and Catherine
McLeod Seltzer. Eira most recently served as CEO
of Kaminak Gold Corporation which was acquired by
Goldcorp in 2016 for $520 Million. Eira is also a Director of
Suncor Energy.
Catherine McLeod-Seltzer has been directly
involved in more than $4 billion in corporate transactions in the
past 25 years and has been instrumental in helping build a
number of successful mineral companies, including,
Arequipa Resources, Francisco Gold, Miramar Mining, Bear Creek
Mining, Stornoway Diamonds and Peru Copper Inc. Catherine was
named Mining Man of the Year by The Northern
Miner in 1999, and in 1997 she was given the “Award for
Performance” by the Association of Women in Finance. She has also
held positions on the Financial Post’s “Power 50”. Catherine
is currently Chairman of Bear Creek Mining Corp and a
director of Kinross Gold. She is a recognized leader
in the minerals industry for her ability
to create growth-focused companies
that generate significant shareholder value.
On behalf of the Board,
Lukas H. Lundin
Chairman
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For further information, please contact:
Eira Thomas, Lucara President and
CEO EiraT@namdo.comLucara: Michelle Fyfe,
Investor Relations +1 604 806-3077,
michelle.fyfe@lucaradiamond.comSweden: Robert Eriksson, Investor
Relations
+46 701-112615, reriksson@rive6.chUK: Louise Mason, Citigate Dewe
Rogerson +44 (0) 20 7282 2932,
louise.mason@citigatedewerogerson.com
About Lucara
Lucara is a leading independent producer of
large exceptional quality Type IIa diamonds from its 100% owned
Karowe Mine in Botswana. The Company has an experienced board and
management team with extensive diamond development and operations
expertise. The Company operates transparently and in
accordance with international best practices in the areas of
sustainability, health and safety, environment and community
relations.
The information in this release is accurate at
the time of distribution but may be superseded or qualified by
subsequent news releases.
The information in this release is subject to
the disclosure requirements of the Company under the EU Market
Abuse Regulation and the Swedish Securities Market Act. This
information was publicly communicated on February 25, 2018 at 2:30
p.m. Pacific Time.
CAUTIONARY NOTE REGARDING FORWARD LOOKING
STATEMENTS
Certain of the statements made and contained
herein and elsewhere constitute forward-looking statements as
defined in applicable securities laws. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as “expects”, “anticipates”,
“believes”, “intends”, “estimates”, “potential”, “possible” and
similar expressions, or statements that events, conditions or
results “will”, “may”, “could” or “should” occur or be
achieved.
Forward-looking statements are based on the
opinions and estimates of management as of the date such statements
are made, and they are subject to a number of known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievement expressed or implied by such forward-looking
statements. The Company believes that expectations reflected in
this forward-looking information are reasonable but no assurance
can be given that these expectations will prove to be accurate and
such forward-looking information included herein should not be
unduly relied upon. In particular, this release may contain forward
looking information pertaining to the following: the estimates of
the Company’s mineral reserve and resources; estimates of the
Company’s production and sales volumes for the Karowe Mine;
processing capabilities, recovery rates, cash flows and sales
volumes for the Karowe Mine, including the potential effect of the
development and integration of the proposed underground mine at
Karowe on production, sales volumes and the expected LOM; estimated
costs to construct the proposed Karowe underground development and
the timelines associated therewith; expected exploration and
development expenditures and expected reclamation costs at the
Karowe Mine including associated plans, objectives and economic
estimates; expectation of diamond prices and changes to foreign
currency exchange rate; expectations regarding the need to raise
capital; possible impacts of disputes or litigation; expectations
regarding the growth and development of Clara Diamond Solutions,
its ability to unlock value and its technology and other forward
looking information.
There can be no assurance that such forward
looking statements will prove to be accurate, as the Company’s
results and future events could differ materially from those
anticipated in this forward-looking information as a result of
those factors discussed in or referred to under the heading “Risks
and Uncertainties”’ in the Company’s most recent Annual Information
Form available at http://www.sedar.com, as well as changes in
general business and economic conditions, changes in interest and
foreign currency rates, the supply and demand for, deliveries of
and the level and volatility of prices of rough diamonds, costs of
power and diesel, acts of foreign governments and the outcome of
legal proceedings, inaccurate geological and recoverability
assumptions (including with respect to the size, grade and
recoverability of mineral reserves and resources), unanticipated
operational difficulties (including failure of plant, equipment or
processes to operate in accordance with specifications or
expectations, cost escalations, unavailability of materials and
equipment, government action or delays in the receipt of government
approvals, industrial disturbances or other job actions, adverse
weather conditions, and unanticipated events relating to health
safety and environmental matters), and risks relating to the
development, implementation and growth of Clara Diamond Solutions
and its technology.
Accordingly, readers are cautioned not to place
undue reliance on these forward-looking statements which speak only
as of the date the statements were made, and the Company does not
assume any obligations to update or revise them to reflect new
events or circumstances, except as required by law.
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