Proceeds from Lulo Diamond Project diamond sales for 2018 exceeds $10 million

by Ina King (Potgieter)

The Lulo Diamond Project in Angola, co-owned by ASX-listed Lucapa Diamond Company and its partners Empresa Nacional de Diamantes E.P. and Rosas & Petalas, announced that gross proceeds of diamond sales in 2018 to date (mid-March) amounts to US$10.8-million.

The announcement comes on the back of the sale of 2 072 carats of Lulo diamonds which achieved gross proceeds of US1.7-million. The largest diamond in the sales parcel weighed 44 carats, and the parcel included a vivid pink of 1.9 carats. The US$10.8-million sales equate to an average of US$1 731 per carat. For those interested in knowing which mine is in what stage of development, Africa Mining IQ organises projects in terms grassroots, pre-feasibility, feasibility, bankable, active and operational phases. This enables subscribers to AMIQ to easily find the up-to-date status on any project.

This project covers an area of 3 000 km² and is located in the Cuango River Basin in the Lunda Norte Province of Angola, 150 km from Alrosa’s Catoca mine, the fourth largest diamond mine globally. This project contains a cluster of 217 magnetic anomalies and it’s estimated that a significant amount of these represent kimberlite intrusives. This concession contains 29 identified kimberlite pipes and 2 extensive alluvial diamond resources. Progress on these developments, as well as key contact details, are regularly updated on the Africa Mining IQ intelligence portal. Companies that subscribe to Africa Mining IQ receive e-mail alerts about new developments, completed expansions and production expectations when they are announced.

Lulo has produced 10 diamonds in excess of 100 carats each to date and is the highest US$ per carat alluvial diamond production in the world. Lulo owners and partners continue to advance their search for the primary kimberlite sources of these exceptional alluvial gems, with three drill rigs now available in the ongoing kimberlite exploration program. All investment opportunities for this mining project, and many others, are available on Africa Mining IQ. Bulk sampling will begin in the March 2018 quarter.

The regular production of large Specials (+10.8 carat diamonds) continues at Lulo, with the largest post-sale recoveries including Specials weighing 85 carats and 52 carats.

Current mining projects in Angola that are listed on Mining IQ’s database number 19. The database profiles 14 diamond projects, 2 iron ore, 2 phosphate and 1 copper. With over 1 900 projects currently listed on its online database (March 2018), Africa Mining IQ’s database covers extensive listings on the continent’s prominent minerals. A subscription to Africa Mining IQ provides members with the ability to track, target and record these mining projects with accurate information. All data is updated daily and accessible 24/7, 365 days a year.

Lucapa is also advancing an exploration programme in Botswana’s Orapa diamond field in Orapa Area F, where identified targets will be drilled during the course of this year.