Lucara Diamond is looking for acquisition opportunities, as the industry currently lacks an investable, mid-tier mining company, CEO Eira Thomas told the Rapaport Diamond Podcast.
“Right now, we have a very bipolar industry, with [De Beers and Alrosa] on one side, and a handful of smaller miners on the other,” she explained to Rapaport Senior Analyst Avi Krawitz. “Consolidation makes sense, and Lucara would love to lead that.”
Lucara owns the Karowe mine in Botswana and has in the past said its growth strategy was focused on developing the Clara sales platform, which it purchased in 2018, aiming to change the way rough diamonds are sold. Thomas sees as much potential for Clara as she does in its mining operation but is looking to unlock that value by spinning the unit off and operating it as an independent company, she noted.
In the podcast, Thomas detailed the company’s plans for Clara, Lucara’s growth plans, what motivated its strong performance in 2021, and what might change this year.
Note: Market conditions may have changed since the recording of this podcast on March 8.
This episode of the Rapaport Diamond Podcast is sponsored by De Beers Group Ignite: pioneering a new diamond world through innovation.
