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18 march 2019

Lulo diamond resource carats up 90% to 80,400 at modelled average of $1,420/ct –Lucapa

22 march 2019

Lucapa Diamond said the in-situ resource carats at its 40 percent-owned Lulo alluvial mine, in Angola has leaped 90% to 80,400 at a modelled average price per carat of $1,420, a 17% increase on the previous modelled estimate of $1,215 per carat.  

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Image credit: Lucapa Diamond


The Lulo diamond resource was independently estimated and reconciled on a depletion and addition basis by external consultants Z Star Mineral Resource Consultants.
It said the increase of in-situ carats was recorded despite 19 months of mining depletion at Lulo to 31 December 2018, during which time about 30,000 carats of diamonds were recovered and sold for $62 million.
Lucapa managing director Stephen Wetherall said the updated Lulo diamond resource was another significant exploration workstream undertaken by the Lulo partners in parallel with the alluvial mining, kimberlite drilling and sampling programmes. 
 “Together with the significant positive diamond marketing reforms introduced in Angola enabling producers like Lulo to achieve international market prices for their diamonds, the near doubling of insitu resource carats in the upgraded Lulo Diamond Resource supports the Lulo partners’ plans to increase alluvial production in 2019,” he said. 

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished