Home » Lucara Diamond CFO and VP Resign Amid Management Shakeup

Lucara Diamond CFO and VP Resign Amid Management Shakeup

by Victor Adetimilehin

Lucara Diamond, a Canadian mining company that operates the Karowe mine in Botswana, has announced the resignation of two senior executives. CFO Zara Boldt and VP of technical services John Armstrong will step down from their roles by the end of the year. The company has not named any successors for either position.

The news comes just two months after Lucara reappointed William Lamb as CEO, following the resignation of Eira Thomas in August. Lamb, who was the CEO of Lucara from 2008 to 2018, said he was “excited to be back” and that he would focus on “delivering value” to the company’s shareholders.

Lucara is known for producing some of the world’s largest and most valuable diamonds, including the 1,109-carat Lesedi La Rona and the 813-carat Constellation, which sold for $53 million and $63 million respectively. The company is also developing an underground expansion project at Karowe, which is expected to extend the mine’s life until 2040.

However, Lucara has faced challenges in recent years, such as the impact of the Covid-19 pandemic on the diamond market, the suspension of its dividend, and the termination of its contract with the Antwerp-based diamond broker HB Group. The company reported a net loss of $26.3 million for the first half of 2023, compared to a net income of $7.4 million for the same period in 2022.

Despite the difficulties, Lucara remains optimistic about its future prospects, citing the recovery of the diamond industry, the strong demand for its high-quality stones, and the progress of its underground expansion project. The company also said it was “grateful” for the contributions of Boldt and Armstrong, and wished them “all the best” in their future endeavors.

Source: Mining Weekly

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