Lucapa has unearthed another big sparkler weighing more than 100 carats in Africa that is likely to fetch a pretty penny at international tender.
Not long after bagging a hefty $23m for seven diamonds after being allowed to sell the pricey package for the first time on the international market, Lucapa (ASX:LOM) has revealed it has stumbled across a 128 carat diamond at its Lulo mine in Angola.
It is the 12th +100 carat diamond recovered so far from Lulo, which Lucapa says underlines the “large-stone nature of the prolific Lulo diamond field”.
Lucapa also found a 7.5 carat fancy purple pink diamond.
Shares moved up 2.6 per cent to 19.5c on Tuesday.
Earlier in February, Lucapa told investors it had undertaken its first ever sale of seven diamonds weighing 498 carats via international tender.
Under Angola’s previous laws, diamonds mined in the country had to be sold through a central state-owned government agency.
But now Lucapa is free to sell its diamonds to whomever it likes via electronic tender.
The last bunch of diamonds fetched a hefty average price of $US33,530 per carat — with over 30 of the world’s leading diamantaires from eight countries participating in the inaugural tender.
Lucapa says it will likely include the 128 carat diamond and 7.5 carat fancy purple pink in the next international tender, along with a 75 carat Type IIa top-colour diamond and other “specials” recovered.
The company could not give an indication of what it expected the two new sparklers to fetch on international tender.
But it says it has the highest US dollar per carat alluvial diamond production in the world.
Lucapa’s head of investor relations Mark Drummond told Stockhead the next tender of Lulo diamonds will be held in the second quarter.
The company is also due to this month complete the first tender of commercial diamonds in Antwerp from its new Mothae mine.
Lucapa wants to expand production from its Lulo mine by more than 25 per cent this year.
Source: Stockhead
