Lucapa To Jump-Start New Year With Sale Including 129-Ct Diamond

Rough Market
31/12/2017 11:30

Australia's Lucapa Diamond Co. and its Angolan partners, Endiama and Rosas & Petalas, have decided to schedule the next diamond sale for early 2018. The timing of this sale is designed to maximise sale proceeds by selling into a usually stronger demand period at the beginning of the year. The next sale parcel of alluvial diamonds from the Lulo Diamond Project in Angola will total 2,160 carats. This includes the exceptional 129 carat and 78 carat Type IIa D-colour Lulo diamonds recovered from Mining Block 6 in November 2017.

Lucapa and its Lulo partners will also consider the next loan repayment to Lucapa and cash distribution to the partners following the finalisation of the 2017 annual accounts for the Lulo alluvial mining company, Sociedade Mineira Do Lulo, and the conclusion of the above diamond sale in 2018. As detailed in its announcement on December 18, Lucapa is moving forward argressively with Kimberlite Exploration at Lulo in Angola, as well as Lamproite Exploration in Brooking, Western Australia. In Angola,d rilling continues to focus on the cluster of kimberlite targets around the valuable Mining Blocks 8, 6 and 28 areas where the Lulo partners have to date recovered and sold alluvial diamonds worth approximately US$85 million. A total of 503 of the 574 Specials (diamonds with a weight >10.8 carats) sold to date and averaging 26 carats per Special, have originated from these three areas. A total of seven kimberlites have now intersected near the valuable alluvial Mining Blocks 8, 6 and 28 as drilling continues on this cluster of targets.