Lucapa finds Lulo mine’s fifth-largest diamond

Australia’s Lucapa Diamond has recovered a 203 carat diamond at its prolific Lulo mine in Angola, the fifth largest ever found at the operation.

The diamond is also the third 100 carat plus stone found at Lulo this year.

Lucapa said the high quality, type IIa diamond was recovered during the processing of run of mine stockpiled ore and its recovery follows those of a 162 and a 116 carat diamonds on successive days last month.

The mine, which hosts the world’s highest dollar per carat alluvial diamonds, began commercial production in January 2015. Only a year later, it delivered the largest ever diamond recovered in Angola a 404 carat white stone later named the “4th February Stone”.

Lucapa has a 40% stake in the Lulo mine. The rest is held by Angola’s national diamond company Endiama and Rosas & Petalas, a private entity.

Angola is the world’s fifth diamond producer by value and sixth by volume. Its industry, which began a century ago under Portuguese colonial rule, is successfully being liberalized.

Source: DCLA

Solid Performance as Lucapa Sells $102m Rough in 2023

Lucapa reported a slight increase in total rough sales for FY2023 in what it described as a solid performance.

The Australian miner announced revenues of $102.2m, up by 1 per cent on the previous year.

Q4 earnings from its two mines – Lulo in Angola and Mothae in Lesotho – slipped by 1 per cent to $40.8m.

During the year Lucapa sold 11 diamonds from Lulo that fetched a total of $32.7m at two Q4 tenders in Q4. It also recovered two Type IIa diamonds from Lulo, a 208-ct and a 235-ct, the second largest recovery since commercial operations started in 2015.

“Both mines delivered a solid performance against processing and production targets in Q4 and we are pleased with the full year results which saw group guidance achieved,” said managing director Nick Selby.

Mothae performed well despite experiencing a lower dollar per carat average in Q4, which impacted its overall diamond price for the year. Lulo had a good run which saw its high-value recoveries attract firm prices at tender.”

Lulo recovered fewer carats than forecast (30,585) but achieved an average $2,700 per carat, well up on the forecast of $2,300. Mothae recovered more carats that forecast but saw average price per carat down from guidance of $1,000 to an actual $775.

Lucapa said in its ASX announcement that the overall diamond price index began to trend upwards towards the end of 2023, because of India’s two-month moratorium and EU sanctions on Russian goods.
“Tightening economic conditions imposed by central banks and a surge in inflation continues to impact discretionary spending on items such as diamond jewellery,” it said.

“However according to media reports at the end of 2023, there are signs the US market is recovering, however the Chinese market remains slow.”

Lucapa holds a 40 per cent stake in Lulo. The remainder is owned by Angola’s national diamond company Endiama (32 per cent) and by private Angolan company Rosas & Petalas (28 per cent). Lucapa holds a 70 per cent stake in Mothae. The government of Lesotho holds the remaining 30 per cent.

Source: DCLA

Lulo mine delivers its third largest diamond, weighing 208 ct

Lucapa Diamond has recovered a 208 carat diamond at its prolific Lulo mine in Angola, the third largest ever found at the operation.

The company said the high quality, type IIa diamond was unearthed at the lizeria, or terrace area, of its Mining Block 31 portion of Lulo, known for delivering high value stones.

The diamond is also the second 100 carat plus stone Lucapa retrieved in October, following the recovery of a 123 carat, type IIa rough at the start of the month.

The mine, which hosts the world’s highest dollar per carat alluvial diamonds, began commercial production in January 2015. Only a year later, it delivered the largest ever diamond recovered in Angola a 404 carat white stone later named the “4th February Stone”.

Lucapa finds Lulo mine’s third largest diamond
It is the second 100 carat plus diamond found at Lulo in October.
The operation has delivered 39 diamonds weighing more than 100 carats each to date.

Lucapa has a 40% stake in the Lulo mine. The rest is held by Angola’s national diamond company (Endiama) and Rosas & Petalas, a private entity.

Angola is the world’s fifth diamond producer by value and sixth by volume. Its industry, which began a century ago under Portuguese colonial rule, is successfully being liberalized.

Source: DCLA

Lucapa Recovers Another +100-ct Diamond at Lulo

Lucapa has recovered a 180.87-carat Type IIa white diamond at its Lulo alluvial mine, in Angola.

It’s the second +100 carat diamond of the year so far. In February it found a 150-carat Type IIa D-color white diamond.

And it’s the 37th +100 carat since since the Australian miner began commercial production at Lulo in 2015.

Last November the 170.2-carat Lulo Rose, believed to be the largest pink diamond found in the last 300 years, was sold at tender for an undisclosed sum.

Lucapa, which also operates the Mothae mine, in Lesotho, has reported encouraging exploration results from its ongoing exploration program to discover the primary kimberlite source at Lulo.

Pic of the 180.87-carat Type IIa white diamond, courtesy Lucapa

Source: DCLA

Lucapa debt free as of July 4

 

ASX-listed Lucapa Diamond Company has fully repaid all interest-bearing loans that it borrowed from gold exploration and mining company Equigold and the Industrial Development Corporation of South Africa (IDC).

Lucapa has repaid the final instalment of $1.3-million in principal and interest on the original $15-million Equigold debt, which was raised in 2018.

In addition, Lucapa subsidiary Mothae Diamonds recently made its final interest payment of R7.3-million to the IDC, with the IDC loan now also fully repaid.

Lucapa is now interest-bearing debt free, having repaid about A$30-million in debt and interest over an 18-month period

The company said in a July 4 statement that it would seek to have all securities with respect to those loans released.

Lucapa owns the Lulo mine, in Angola, and the Mothae mine, in Lesotho, and is developing the Merlin project, in Australia. It also explores for diamonds in Australia, Angola, Botswana and Lesotho.

Source: DCLA

Lucapa Diamond Company sells Lulo diamonds for A$30.1m

                     Lucapa Diamond Company

Diamond miner Lucapa Diamond Company has sold seven diamonds from its Lulo mine in Angola for $30.1 million, equating to over $39,000 per carat.

The company and its partners, Endiama E.P. and Rosas & Petalas, placed the “special sized” diamonds on international tender earlier this month. Together, the diamonds weighed a combined 767 carats.

The sold diamonds include a 170-carat fancy-coloured diamond dubbed the ‘Lulo Rose’ alongside three white Type IIa diamonds of over 100 carats and three other special-sized white Type IIa stones.

In late September, Lucapa announced it had recovered its 30th diamond of over 100 carats from Lulo, which has been in commercial production since 2015.

The company kicked off commercial production from its Mothae mine in Lesotho in 2019.

Meanwhile, Lucapa said it was continuing to explore for potential primary-source kimberlites or lamproites with its partners across the Lulo concession in Angola, the Brooking project in Australia, and the Orapa Area F project in Botswana.

Source: DCLA

Lucapa Unearths 170ct. Pink from Lulo

 Lucapa Unearths 170ct. Pink from Lulo

Lucapa Diamond Company has recovered one of the largest pink diamonds in history: a 170-carat stone from the Lulo mine in Angola.

The type IIa rough, named the Lulo Rose, is “believed to be the largest pink diamond recovered in the last 300 years,” Lucapa said Wednesday. It is also the fifth-largest diamond from Lulo, and the deposit’s 27th over 100 carats since commercial production began in 2015. Lucapa plans to sell the diamond through an international tender conducted by Angolan state diamond-marketing company Sodiam, it noted.

“The record-breaking Lulo diamond field has again delivered a precious and large gemstone, this time an extremely rare and beautiful pink diamond,” said José Manuel Ganga Júnior, chairman of the board of state-owned Endiama, one of Lucapa’s partners in the deposit. “It is a significant day for the Angolan diamond industry.”

In addition to the pink, Lulo is also the source of Angola’s largest diamond, a 404-carat rough named the 4th February Stone.

Lucapa has begun bulk sampling at “priority kimberlites” as it searches for the primary source of Lulo’s diamonds, managing director Stephen Wetherall added.

Source: DCLA

Lucapa recovers large pink diamond in Angola

The company announced that it has recovered a 46 carat pink diamond from the Lulo diamond project in Angola, a source of a series of high carat discoveries in recent years.

What makes this particular find significant for Lucapa is its location. The 46 carat rough diamond was recovered from a new prospect Mining Block 4, an area planned for resource delineation later this year and set to be included in Lucapa’s alluvial JORC resource update to be published in the coming months.

Source: DCLA

Lucapa recovers large pink diamond in Angola

The company announced that it has recovered a 46 carat pink diamond from the Lulo diamond project in Angola, a source of a series of high carat discoveries in recent years.

What makes this particular find significant for Lucapa is its location. The 46 carat rough diamond was recovered from a new prospect Mining Block 4, an area planned for resource delineation later this year and set to be included in Lucapa’s alluvial JORC resource update to be published in the coming months.

Source: DCLA