News

Sep 17, 2018

Two Firsts for Lucapa: Sales of Lulo Rough Under New Policy in Angola & Exports of Rough from Mothae in Lesotho

Lucapa Diamond Company Limited, which has seen several exciting recoveries in the past, is now poised for two firsts at two of its projects.

 In Angola, Lucapa  has been supporting the Government of that country  to  establish   technical regulations for the recently-gazetted diamond marketing policy,  as part of the Government’s diamond sector reforms.

“As part of these discussions, Lulo alluvial mining company, Sociedade Mineira Do Lulo (SML), is preparing to sell certain select large premium-value diamonds in what will be the first Lulo production to be sold through the new marketing channels,” the Company said. (Lucapa is part owner of SML along with its Angolan partners Empresa Nacional de Diamantes E.P. (Endiama) and Rosas & Petalas.)

 

Lucapa said  that these diamonds  were extracted from run of mine production at Lulo,  and held over from previous sales by SML in anticipation of the new marketing policy being introduced. “They include six top-colour Type IIa white diamonds weighing a total of 449 carats, along with a 46 carat pink diamond,” the Company enumerated.

Stephen Wetherall, Lucapa’s  Managing Director commented: “The discussions with our Angolan partners regarding the policy changes taking place in the Angolan diamond sector have reached a stage where we are now able to plan for the sale of these large premium-value Lulo diamonds held over from previous sales.”

He added: “We look forward to marketing these exceptional diamonds as soon as the necessary arrangements are put in place to continue showcasing Angolan diamonds to the world.”

The  latest run of mine production parcel of 2,531 carats (excluding the 114 carat, 85 carat and 62 carat diamonds) from Lulo achieved gross sale proceeds of US$ 2.5 million, thus realising an average price per carat of US$ 985.

Meanwhile, in Lesotho, Lucapa made the first export of diamonds from the high-value Mothae kimberlite diamond mine.

About 2,500 carats recovered from the ongoing bulk sampling programme  at Mothae  have been exported to Antwerp, Belgium.

The diamonds have been sent to Antwerp for cleaning and valuation. “This parcel includes yellow diamonds weighing 89 carats and 25 carats, other special diamonds of up to 28 carats   as well as small light pink diamonds,” Lucapa said.