05:19 PM EDT, 03/31/2025 (MT Newswires) -- Lucara Diamond ( LUCRF ) after close of trade Monday it will assume management of its Karowe underground project (UGP) in Botswana.

The company said it will oversee construction of a new underground component for the Karowe diamond mine, ending its Engineering, Procurement and Construction Management (EPCM) contract with JDS Energy & Mining (JDS), which will still be on site to complete specific engineering components of the project under a Master Service Agreement.

The company said the shift to owner-managed operations is expected to improve cost control and operational efficiency, speed decision-making and resource allocation and provide direct oversight of critical project milestones and timelines.

"By taking direct control of site-based activities, we are positioning ourselves to respond more rapidly to project needs and challenges," said chief executive William Lamb. "This approach will enable us to drive the UGP forward with greater efficiency and precision, ultimately delivering enhanced value to our shareholders and stakeholders."

The company's shares closed up $0.01 to $0.365 on the Toronto Stock Exchange.