07:07 AM EDT, 03/14/2024 (MT Newswires) -- Lucara Diamond ( LUCRF ) , near 52 week lows, overnight Wednesday said that it has filed a technical report for the updated Feasibility Study on its Underground Expansion Project at the Karowe Diamond Mine in Botswana.

The underground expansion at Karowe is expected to double the mine life, and generate significant revenue and cash flow out to 2040.

The combined open pit/underground highlights include extending mine life by 15 years; total life of mine diamond recoveries of 6.8 million carats; and operational highlights include 42.4 million tons of ore mined and 52.2 million tons of ore processed.

Further, the company said the pre-production capital costs for the UGP totaling $683 million will be expended over an eight-year pre-production construction and commissioning period until the second half of 2027, of which three and a half years have already been completed.

The UGP is expected to generate $1.1 billion in cash flow, the company said.