Industry News by Nemesis

Lulo Rough Fetches $10M at Tender

June 5, 2019

 

Lucapa Diamond Company garnered $10 million at its second rough sale of 2019, achieving an average price of $1,800 per carat. 

The miner sold 5,573 carats at the tender, it said Monday. The diamonds are from the company’s Lulo alluvial mine in Angola. Tender sales came to $22.1 million for the first half of 2019, at an average of $3,668 per carat. 

The miner held back some special stones, which it will keep in its inventory, including a 130-carat, D-color, type IIa stone it found last month, and a 46-carat pink diamond it recovered a year ago. 

Other than Lulo, Lucapa owns a 70% stake in the Mothae mine in Lesotho, with the government holding the remaining 30%. Additionally, the miner is carrying out exploration at the Brooking lamproite project in Western Australia and at its Orapa site in Botswana. Those two projects are temporarily on hold while the company focuses on increasing production from Lulo and Mothae. 

Image: Diamonds from the Lulo tender. (Lucapa Diamond Company)

 

Source: Rapaport

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