Industry News by Nemesis

Lucapa Eyes Majority Stake in Angola’s Lulo Diamond Mine

December 2, 2019

 

Lucapa Diamond is in advanced discussions with the Angolan Ministry of Mineral Resources and and Angola’s national diamond company Endiama to potentially secure a majority stake in the Lulo joint venture.

The company currently holds a 39% interest in Lulo and is the operator of the kimberlite exploration joint venture.


Endiama holds 51% while Rosas & Petalas owns the remaining 10%.


Lucapa said it hopes to conclude the discussions in the first quarter of 2020.


Lulo holds the primary (kimberlite) exploration licence for the 3,000km2 Lulo diamond concession in Angola.


The kimberlite exploration programme aims to identify the primary hard-rock source or sources of the alluvial diamonds being mined by Lucapa and its partners at Lulo, which have achieved average run of mine sale prices of about $1,900 per carat.

 

Image credit: Lucapa Diamond, ​Block 8 of Lulo diamond mine

 

Source: Rough&Polished

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