Lucapa banks $9 million from Lulo diamond sale

A 76 carat D-colour Type IIa stone from the sale parcel. Image: Lucapa

Lucapa Diamond Company has sold 4269 carats of diamonds from the Lulo alluvial mine in Angola.

The gross proceeds of the sale were $9 million, which represents a price of $2100 per carat.

Lulo sold the diamonds alongside its partner at the mine, Empress Nacional de Diamentes E.P. and Rosas & Petalas.

Commercial diamond production at Lulo commenced in 2015 with the average sales prices among the highest of any alluvial mine globally.

Lucapa’s year to date sales sit at $40.1 million from 20,397, priced at $1967 per carat.

Aside from Lulo, the company has the high-value Mothae kimberlite mine in Lesotho.

Both mines have produced large and high value diamonds, with the Lulo mine having produced 15 100-plus carat diamonds to date.

The Mothae mine started commercial mining and processing operations in January 2019 and produced 30,000 carats in its first year of production.

Lucapa recently locked in funding to expand Mothae’s processing capacity by around 45 per cent from 1.1 million tonnes per annum to 1.6 million tonnes per annum.

It is scheduled for completion in the first quarter of 2021.

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