Dubai’s Jemora Group Acquires Lucapa Diamond Company and Its Global Mining Interests

Dubai, UAE – Gaston International, part of Dubai’s Jemora Group, has finalised an agreement to acquire Lucapa Diamond Company Ltd., securing control of its mining and exploration assets across Angola and Australia. The deal, valued at approximately USD $10 million, marks a significant shift in ownership for one of the sector’s most recognised niche producers of large, high-value diamonds.

Lucapa, previously listed on the ASX, entered voluntary administration in May 2025. Administrators Richard Tucker and Paul Pracilio of KordaMentha Restructuring oversaw the sale process after assessing the company’s financial position and operational assets.

Strategic Assets in Angola and Lesotho

Lucapa’s flagship holding is its 40% stake in the Lulo alluvial diamond mine in Angola, widely regarded as the highest dollar-per-carat mine in the world, achieving an average of USD $2,806 per carat in 2021. The balance of ownership is held by Angola’s state-owned Endiama and private partner Rosas & Petalas.

Since mining began in 2015, Lulo has yielded an extraordinary run of large and rare stones, including 48 Type IIa diamonds exceeding 100 carats. Among them are Angola’s largest ever recorded diamond—the 404-carat “4 de Fevereiro”—and the 170-carat “Lulo Rose”, a rare pink diamond discovered in 2022. Current estimates suggest Lulo still contains 249,000 carats of recoverable diamonds.

Supporting this production are two modern processing plants capable of handling 600,000 cubic metres of gravel annually, equipped with advanced recovery technology specifically designed to maximise recovery of large diamonds.

In addition, Lucapa retains a 39% interest in the Lulo Kimberlite Exploration Project, with Endiama (51%) and Rosas & Petalas (10%). More than 100 kimberlite pipes have been identified within the concession, several containing Type IIa diamonds—strongly suggesting the primary source of Lulo’s exceptional large stones lies within this exploration area.

Lucapa had previously held a majority stake in the Mothae mine in Lesotho, but divested its interest in 2024 as part of a portfolio streamlining initiative.

Expansion into Australia

The acquisition also includes Lucapa’s Australian assets, headlined by the Merlin Diamond Mine in the Northern Territory. Merlin is renowned for producing Australia’s largest diamond and is notable for its gem-quality output—historically, 75% of its recovered diamonds have been classified as gem or near-gem quality, including rare coloured diamonds in yellow, pink, and blue hues.

In addition, Gaston inherits Lucapa’s 80% interest in the Brooking Diamond Project in Western Australia, a promising package of exploration tenements, as well as a base metals project tied to Merlin.

Gaston’s Strategic Outlook

Gaston International stated it intends to work closely with Lucapa’s existing partners and management to maximise the long-term value of these assets. The company views both the operational production at Lulo and the exploration potential of its kimberlite concessions as major growth drivers.

The transaction remains subject to regulatory and court approvals, as well as creditor consent, before share transfers can be completed.

With this acquisition, Jemora Group expands its footprint in the natural diamond sector, positioning itself among the few entities with a diversified portfolio spanning Africa’s premier diamond deposits and Australia’s most significant gem-quality mine.

Source: DCLA

Lucapa Diamond Company Enters Voluntary Administration Amid Market Pressures

Lucapa Diamond Company has entered voluntary administration following a major cost-cutting initiative and a significant reduction in its corporate workforce. The decision comes in the wake of mounting financial pressure and weakening global diamond demand, attributed in part to US President Donald Trump’s trade tariffs, which have disrupted pricing and buyer confidence.

KordaMentha Appointed as Administrators

Leading corporate recovery firm KordaMentha Restructuring has been appointed to oversee Lucapa’s administration, with Richard Tucker and Paul Pracilio named as voluntary administrators. Their immediate focus is an urgent operational and financial assessment of Lucapa, followed by a dual-track recapitalisation and potential sale process.

Lucapa’s Key Assets: Lulo and Merlin Projects

Lucapa holds a 40% interest in the high-value Lulo alluvial diamond mine in Angola. The site is known for producing large, premium-quality Type IIa diamonds, including stones exceeding 100 carats.

In Australia, Lucapa’s flagship asset is the Merlin Diamond Project in the Northern Territory. The project includes a 24 km² mining lease and a 210 km² exploration licence. Historically, eight of the 11 known kimberlite pipes at Merlin were mined by Rio Tinto (ASX: RIO) and Ashton Mining between 1999 and 2003, yielding approximately 500,000 carats from 2.2 million tonnes of processed kimberlite.

Financial Challenges in Q1 2025

Lucapa’s March quarter report highlights a sharp downturn in financial performance. Diamond inventories dropped 44% to 1,685 carats, and cash and receivables fell 41% to $2 million. Additionally, the company took on $600,000 in interest-bearing debt during the period. In response, Lucapa implemented a thorough review of its corporate expenditure, resulting in reduced overheads and workforce downsizing.

The company noted that the full impact of US trade tariffs on diamond sales has yet to be determined. However, uncertainty among buyers throughout April has led to softened demand and reduced prices across the industry.

Path Forward Through DOCA

Despite the challenges, there is optimism that Lucapa may recover through a Deed of Company Arrangement (DOCA). KordaMentha’s Richard Tucker previously stated that approximately 99% of mining companies the firm assists successfully emerge from administration via DOCA, which aims to preserve operations and secure better outcomes for creditors than liquidation.

Lucapa Diamond Company’s move into administration reflects broader challenges in the diamond sector, including geopolitical trade tensions and market uncertainty. The success of the upcoming recapitalisation or sale process, under the guidance of KordaMentha, will be critical in determining the company’s future and protecting the value of its premium diamond assets.

Source: DCLA

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 says 204 carat diamond recovered at Mothae mine in Lesotho

                    

Lucapa Diamond Company yesterday announced the recovery of a 204 carat diamond from the Mothae mine in Lesotho.

According to the company’s statement, the 204 carat white stone is the eighth +100 carat diamond and third +200 carat to be recovered from the Mothae mine since commercial mining commenced in January 2019, underlining its unique large stone nature.

Lucapa Diamond Company is an ASX listed diamond miner and explorer with assets in Africa and Australia. It has interests in two producing diamond mines in Angola (Lulo) and Lesotho (Mothae).

“The large, high-value diamonds produced from these two niche African diamond mines attract some of the highest prices per carat for rough diamonds globally,” the company said.

The Lulo mine has been in commercial production since 2015, while the Mothae mine commenced commercial production in 2019.

Source: DCLA