Lucara Diamond considers partnership to sell world’s second largest stone

Lucara Diamond considers partnership to sell world’s second largest stone

A countdown has begun for Lucara Diamond Corp (TSE:LUC) to find a buyer for the world’s second largest diamond, before it will be compelled to form a partnership in order to sell the giant stone.

Chief executive William Lamb said the Vancouver-based miner is considering one or two options for an outright sale of the 1,109-carat stone, named Lesedi La Rona, but will look to form a partnership if no deal is made within the next six to eight weeks.

The diamond was unearthed in November 2015 at Lucara’s Karowe mine in Botswana, with the company valuing the stone at US$70 million.

However, bidding for the stone has stalled with no bidders willing to pay above the $61 million mark.

“I think people don’t really understand the quantum of money we’re looking at,” said Lamb during a conference call to analysts.

“What we are asking for, for the stone, is for a company to go out and spend the equivalent of 280 Lamborghinis.”

The only diamond bigger than Lesedi is the 3,106.5-carat Cullinan, which was discovered in South Africa in 1905.

@RGNonline