Lucara founder to step down as chair of diamond miner

Lucara Diamond Corporation announced on Friday that its current chair Lukas Lundin had indicated his intention to retire from the board, on completion of his term at the company's upcoming annual shareholder meeting.

The Canadian diamond miner said that, given the significant Lundin family ownership of Lucara shares at 24.5%, it was the family's intention to recommend ongoing representation on the Lucara board.

Its corporate governance and nominating committee would “evaluate and assess” the skills and experience for any director nominee to replace Lundin, to ensure that Lucara retained the necessary skills and experience for a competent board.

The director nominee would stand for election at Lucara's annual general meeting, scheduled to be held on 6 May in Vancouver.

“On behalf of the board and management team of Lucara, I want to thank Lukas for his invaluable contributions to the company as a founder and visionary, who was instrumental in transforming Karowe into one of the world's leading, high margin diamond mines, renowned for its recovery of large, high value diamonds and the only mine in recorded history to have recovered three diamonds in excess of 1,000 carats,” said president and chief executive officer Eira Thomas.

“With his ongoing support, we look forward to a long and successful future at Karowe, expanding the mine underground and extending mine-life out until at least 2040.”