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Mothae diamond output 36% ahead of H1 target – Lucapa

16 july 2019
news_02072018_lucapa.pngLucapa Diamond said its 75%-owned Mothae mine, in Lesotho produced 6,349 carats in the second quarter of 2019, bringing the first half output to 13,267 carats.
This, it said, was 36% ahead of its first half 2019 target.
Lucapa said the increase was due to the efficiency of the new 1.1 Mtpa plant and higher-than-planned recovered grades from weathered material of 2.39 carats per 100 tonnes (cpht) for the quarter and 2.42 cpht for the first half.
It said production at its 40%-owned Lulo mine, in Angola dropped 24% to 3,868 carats in the second quarter, taking the first half output to 7,236 carats.
The Sociedade Mineira Do Lulo sold 5,573 carats of run of mine Lulo diamonds during the quarter for gross revenues of $10 million, representing an average price per carat of $1,800.
A parcel of 7,008 carats from Mothae was sold for $3.5 million, bringing to $7.3 million the total sale proceeds generated from the two tenders of Mothae diamonds completed in the first half of the year.

            Image credit: Lucapa Diamond Company

This represents an average overall price of $588 per carat for the entire run of mine production or $729 per carat for diamonds in the +11 sieve size fraction.
Meanwhile, Lucapa said it had a group cash balance of $5.2 million, while Lulo mining company SML (which is treated as an associate and not consolidated into the company’s accounts) held $9 million in cash and equivalents.

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