Lucapa Diamond Secures Majority Stake in Lulo JV, Strengthening Its Position in Angola

Lucapa Diamond Company, an ASX-listed diamond miner, has finalised its mineral investment contract (MIC) for the Lulo joint venture (JV) in Angola, increasing its stake from 39% to a controlling 51%. The contract now awaits formal approval from Angola’s Ministry of Mineral Resources and Petroleum.

The Lulo JV is focused on kimberlite exploration at the highly prospective Lulo concession. This latest agreement, reached after a three-day negotiation in Angola, was finalised with JV partners Endiama, Rosas & Petalas, and Lucapa, marking a significant milestone for the company.

Lucapa’s managing director and CEO, Alex Kidman, highlighted the strategic importance of securing a majority stake, stating that this move enhances Lucapa’s share of any future exploration success. He also emphasized Angola’s commitment to the project, recognizing Lulo as one of the country’s most significant diamond ventures.

Meanwhile, bulk sampling operations continue at Lulo, with stockpiling from site L130/01 already underway. Further sampling is planned at key targets, including L349, L137, and L130, as the company intensifies its search for Lulo’s exceptional diamonds.

Source: DCLA

Lucapa concludes special tender worth $12m

Lucapa Diamond Company has sold six diamonds recovered from the Lulo mine, in Angola, in a special tender for $12.4-million.

The diamonds totalled 447 ct and consisted of five white Type IIa diamonds, as well as a pink diamond.

The average price per carat was about $27 700.

MD and CEO Nick Selby deems the tender result pleasing. “Our alluvial project, in Angola, continues to deliver fantastic diamonds that are always in demand through all market cycles and achieve very competitive values.”

Source: DCLA

Lucapa to sell majority stake in Lesotho diamond mine

Australia’s Lucapa Diamond (ASX: LOM) has put its 70% stake in the Mothae mine in Lesotho up for sale to focus on its core assets and is discussing options for the 30% held by the country’s government.

The diamond miner’s board said it was “considering all options for the divestment” and finalizing a data room for interested parties.

“The company’s collaboration with the Lesotho government on the Mothae diamond mine has been rewarding and our management have worked exceptionally well to optimize the plant to recover large diamonds,” Brown noted, adding Lucapa expects there will be “significant interest” from those within the diamond industry and on a wider scale.

Production at Mothae, which the Perth-based company acquired in early 2017, began commercial operations almost six years ago. The open pit mine is known to produce large, high-value diamonds, which makes the operation the world’s second highest-dollar-per-carat kimberlite diamond mine.

According to Lucapa’s December 2023 figures, the mine has 180,000 carats of indicated resources and 960,000 carats of inferred resources, with a calculated value of $606 per carat.

Lucapa finds another +100ct diamond at Lesotho mine
A 101 carat D-colour Type IIa white diamond found at Mothae. (Image courtesy of Lucapa Diamond.)
Mothae is located only 5km from Gem Diamonds’ (LON:GEMD) Letšeng, the world’s highest dollar-per-carat kimberlite diamond mine.

Lucapa also has a 40% stake in the prolific Lulo mine in Angola and is involved in exploration projects in Angola, Australia and Botswana.

Diamond miners have faced a number of significant challenges in recent years, including an excess of stockpiles that has forced top producers to decrease production and lower prices.

Source: DCLA

Lucapa’s Lulo Mine Turns Out 160ct. Rough

 

        160-carat rough. (Lucapa Diamond Company)

 Lucapa Diamond Company has recovered a 160-carat, high-quality rough from its Lulo mine in Angola, the sixth-largest stone the deposit has yielded.

The company found the type IIa diamond at the same alluvial mining block from which it unearthed a 170-carat pink — the Lulo Rose — in July, Lucapa said last week. The new addition marks the 28th diamond over 100 carats from Lulo.

Recently, Lucapa transitioned to mining rough from the lezirias, or flood plain area, of the site, which has led to the recovery of larger diamonds, it said. In the past two months, the miner has found more than 100 special stones — those weighing over 10.8 carats — at the deposit, including four type IIa rough diamonds weighing 99, 81, 74 and 66 carats.

Source: DCLA