Lucapa Diamond Company has upgraded its expectations for the Mothae mine in Lesotho after recovering a 25-carat yellow diamond at the asset.
The miner found the stone in the “neck zone,” a part of the mine that it had not accounted for in its resource estimate, the company said Tuesday. Lucapa also found a 6-carat diamond while carrying out trial processing of material from that area.
The miner will begin processing more samples from the neck, as well as from the north and southeast zone. In so doing, it aims to increase its estimate of the resources at Mothae, as well as extending its planned mine life, it added. The existing resource estimate for the asset — which it acquired last year for $9 million — exceeded 1 million carats.
Lucapa also sold 1,632 carats from its Lulo mine in Angola for $3 million at a recent tender, achieving an average price of $1,838 per carat, it said. The sale did not include a 46-carat pink diamond the miner recovered from the asset in May.