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Lucapa’s Lulo boosts Q4 revenue, output

25 january 2023

Lucapa’s 40%-owned Lulo alluvial mine in Angola realised $41.4 million in the fourth quarter of 2022, a growth of $29.8 million compared to the same period, a year earlier.
The miner is entitled to receive $18.1 million, a 39% jump from $13 million in the fourth quarter of 2021.
It sold 8,293 carats during the quarter compared to 8,158 carats, in the same period in 2021.
Lulo recovered 9,358 carats in the fourth quarter, a 137% increase over the previous corresponding period. 
These diamond recoveries included four +100 carat stones weighing 159, 134, 123 and 115 carats, bringing to 10 the number of +100 carat diamonds recovered at Lulo in 2022.
Lucapa said Lulo also delivered a new annual record for carats produced, recovering 35,398 carats, a 44% increase over 2021.
This, it said, reflected the record gravel volumes delivered to the plant, increase in processing capacity and better grades from the mining block mix in the 2022 mine plan.
“This was another solid quarter operationally. We achieved several new operational records, very positive exploration results, record capital returns from Angola and continued to focus on strengthening our balance sheet in the current financial environment,” said Lucapa managing director Stephen Wetherall.
“Most significantly, the Lulo primary source kimberlite exploration activities delivered their best results. We have tangible evidence that the Lulo kimberlite province hosts primary sources containing Special sized diamonds and our methodical approach is now delivering the results that we have been working towards for many years.”
Meanwhile, Lucapa’s 70%-owned Mothae mine in Lesotho recovered 30,740 carats, which was 5% lower than in 2021. 
Recoveries included four +100-carat diamonds, with the largest being 204 carats.
Mothae has recovered nine +100 carat including three +200 carat diamonds since commercial operations began.

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