Africa Angola Diamond FA Mining

Angola’s Lulo mine yields its 16th +100 carat diamond

Australian-listed Lucapa Diamond, which holds the mining license for Angola’s Lulo mine, has announced the discovery of a 127 carat stone, recovered from the leziria (flood plain) area in Mining Block 24.

This is the first +100 carat diamond produced from this Mining Block and continues to highlight the significance of the Lulo concession as mining continues in these new leziria areas.

Lucapa Managing Director Stephen Wetherall commented: “The recovery of this 127 carat stone, which is Lulo’s 16th +100 carat diamond recovered, continues to showcase the exceptional nature of the Lulo alluvial deposit and highlights the potential of the mining campaign planned for these previously untouched and expansive leziria areas along the Cacuilo River.

The 127 carat gem-quality white stone is the 16th +100 carat diamond recovered to date from Lulo and the 3rd +100 carat diamond recovered in 2020.

Also read: Angola invites India to invest in diamond mining and processing

Lulo has produced 16 +100 carat diamonds to date and is one of the highest average US$ per carat alluvial diamond producers in the world. Lucapa and its Project Lulo partners have also received highly encouraging results from their search to discover the primary hard-rock source of the high-value Lulo alluvial diamonds.

The Lulo alluvial mine and Mothae kimberlite mine both produce large and high-value diamonds, with >75% of revenues generated from the recovery of +4.8 carat stones.

Last week, Lucapa Diamond has announced a total of 4,269 carats of Lulo diamonds sold for gross proceeds of US$6.6 million (A$9.0 million) on a 100% basis, representing an average price of US$1,550 (A$2,100)/ carat.

 

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