Lucara Diamond Corporation has raised $60 million in a recent round of fundraising, the company announced today.

The net proceeds of the sale of shares will be invested in developing Lucara's AK6 diamond project in Botswana (100% owned) and its Mothae diamond mine in Lesotho (75% owned) and will also provide working capital.

The AK6 project is slated to begin production in the fourth quarter of 2011 and is considered a "world-class" asset with potential to produce Type IIA and large rough diamonds, as is Mothae – which is currently in the trial mining stage.

In other news from Lucara, James Campbell has been appointed vice president of new business following the company's acquisition of African Diamonds.