DiamondBuzz
Managing Director to Exit Okavango Diamond Company as Leadership Transition Begins
The Okavango Diamond Company (ODC) has announced that Managing Director Mmetla Masire will step down from his role on December 1. He will be succeeded in an acting capacity by the company’s chief financial officer.
Lipalesa Makepe will oversee operations during the transition period, ensuring stability as the Botswana government-owned rough diamond marketer enters its next phase of leadership.
Masire, who has led ODC since 2021, is credited with driving a successful turnaround strategy. Under his leadership, the company achieved its highest-ever revenue in the 2022–2023 fiscal year, strengthened its organizational structure, and expanded its sales channels. ODC stated that Masire leaves the company in a strong position and has full confidence in the team’s ability to continue its progress.
DiamondBuzz
Lucara Secures $50 Million Equity Boost for Karowe Underground Expansion
Lundin Family Trusts back CAD 70 million private placement to fund 2026 development plans
Lucara Diamond Corp. has raised CAD 70 million (approximately $50.5 million) through a private placement of equity to support the advancement of its Karowe Underground Project (UGP) and strengthen its working capital position.
The company issued around 437.5 million shares at a price of CAD 0.16 per share, with the Lundin Family Trusts subscribing to the entire offering. The Lundin family controls Nemesia, Lucara’s largest shareholder, reinforcing its long-term commitment to the miner’s flagship Botswana operation.
Proceeds from the financing will be primarily used to progress the Karowe UGP, a key growth initiative aimed at extending the life and value of the mine, alongside general corporate and working capital requirements.
Commenting on the transaction, Lucara President and CEO William Lamb said the support from the Lundin Family Trusts highlights the strategic importance of the underground expansion. He added that the funding will position the company to accelerate critical project milestones planned for 2026.
The private placement is subject to customary regulatory approvals, including acceptance by the Toronto Stock Exchange, and does not require shareholder approval. Lucara expects the transaction to close by the end of the month.
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