The President of the Republic of Angola João Lourenço signed the Decree permitting the redistribution of 16.4% stake in the share capital of Catoca Ltd Mining Co to Wargan Holdings Limited, which belongs 100% to PJSC ALROSA. At a later stage, a 16.4% stake in Catoca will be equally distributed between ALROSA and ENDIAMA E.P., a national diamond mining company. The additional 8.2% stake will increase ALROSA's total stake in the company to 41%. The Decree of the President of the Republic of Angola will come into force early in January 2018.
Lucapa Diamond Company Ltd. has announced the recovery of rough diamonds weighing 103 carats and 83 carats, both of which were recovered from Mining Block 8. The 103 carat light brown diamond and 83 carat Type IIa diamond, the company says, "continue to evidence the special nature and potential of the Lulo resource." The 103-carat diamond is the 9th +100 carat diamond recovered to date from Lulo, the largest being the Angolan record 404-carat 4th February Stone which sold for US$16 million in 2016.
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.
Angolan state-owned diamond company Sodiam will divest a stake in Geneva-based jewelry maker De Grisogono - a Swiss firm controlled by the husband of the billionaire daughter (Isabel) of former president Jose Eduardo dos Santos - for “reasons of public interest and legality,” report Henrique Almeida and Candido Mendes for Bloomberg Markets. The move comes, the journalists write, as Angola’s new leader, President Joao Lourenco, untangles the country from the business interests of his predecessor’s family.
Lucapa Diamond Company and its partners, Endiama and Rosas & Petalas, have completed their eighth sale in 2017 of alluvial diamonds from the Lulo Diamond Project in Angola, earning gross proceeds of US$7.3 million (A$9.6 million), representing an average price per carat of US$1,770 (A$2,332) from 4,126 carats. The latest sale brought gross proceeds from Lulo diamond sales to date in 2017 to US$31.6 million at an average price per carat of US$1,668.
Russian diamond-mining giant ALROSA and its partners may commence commercial production at the Luaxe diamond deposit in Angola after 2020, "The test drilling is slated for late 2018 - early 2019. However, if we are talking about industrial production, it will certainly happen after 2020," said ALROSA President Sergey Ivanov. “Typically, the development of any major deposit from the project stage to the industrial production stage takes about between four and seven years”, Ivanov said.
The largest-ever D-flawless diamond to be put up for auction, mounted in a diamond and emerald necklace, sold for $33.7 million Tuesday night, including buyer’s fees. The white “Creation 1” diamond from Swiss jeweler de Grisogono weighs 163 carats. The hammer went down at 29.5 million Swiss francs ($29.7 million), excluding the buyer’s premium — around the midpoint of the pre-sale estimates before the auction at Christie’s in Geneva. The buyer was not immediately identified.
Australian junior miner Lucapa Diamond Company and its partners, recovered a 129.58 carat rough diamond from the Lulo Diamond Project in Angola, the eight stone above 100 carats since commercial production started in 2015.
A massive emerald-cut diamond fashioned from Lucapa Diamond's 404 carat rough stone - the largest rough diamond ever recovered in Angola - will go under the hammer on November 14 at Christie’s in Geneva. "Set into an asymmetric necklace designed by de GRISOGONO, this 163.41 carat, flawless D-colour emerald-cut diamond is the largest ever to come to auction", reads the press release from the auction house. In February 2016, Lucapa Diamond Company announced the discovery of the biggest recorded diamond in Angola, confirmed as a Type IIa D-color gem-quality stone.
Australian junior miner Lucapa Diamond Company has completed the seventh sale for 2017. The company earned US$7.4 million from the tender of 3,214 carats of rough alluvial diamonds from the Lulo Diamond Project in Angola. This represents an average price of $2,298 per carat, and brings gross proceeds from Lulo diamond sales in 2017 to US$24.3 million, for an average of US$1,640 per carat. The company notes that diamond recoveries and grades have improved at Lulo since the return to the high-value Mining Block 8 and 6 areas, after the Angolan wet season.
Brazilian engineering company Odebrecht SA, a conglomerate selling off assets in the wake of a corruption scandal - allegedly paying hundreds of millions of dollars in bribes in association with infrastructure projects in 12 countries, including Brazil, Argentina, Colombia, Mexico, Venezuela and Panama between 2002 and 2016 - has agreed to sell a 16.4 percent stake in the Catoca mine in Angola.
Australian junior miner Lucapa Diamond Company earned US$1.5 million from the sale of 2,070 carats of rough alluvial diamonds from the Lulo Diamond Project in Angola during the sixth sale of 2017. This represents an average price of US$710 per carat, and brings gross proceeds from Lulo diamond sales in 2017 to US$17 million, for an average price of US$1,485 per carat. The company notes that diamond recoveries and grades have improved at Lulo since the return to the high-value Mining Block 8 and 6 areas, after the Angolan wet season.
Australia's Lucapa Diamond Company reports that production and sales of diamonds from the Lulo Diamond Project in Angola jumped 63% and 58% respectively in the second quarter of 2017. Lulo alluvial mining company, Sociedade Mineira Do Lulo (Lucapa is 40% owner and operator) produced 4,203 carats of diamonds during the quarter, bringing their total for the first half of 2017 to 8,301 carats, a 46% overall increase compared to the year prior. In Q2, the 4,203 carats were obtained from 3,336 stones, with their average weight holding steady at 1.3 carats.
Angola has one bilion carats in diamond reserves, according to the advances of a geological survey carried out over the last five years with Russian support, writes Angola Press Agency Angop. The data were released last Friday in Luanda by Victor Ustinov, Joint Director of Russian diamond giant ALROSA, which was responsible for carring our the geological exploration, it is estimated that reserves could go up from a total of 950 million carats found in kimberlites and more than 50 million in alluvial areas to 1.5 billion carats if the research is continued, according to the expert.
For the year ended 31 March 2017, South Africa-based and JSE-listed junior diamond mining company Trans Hex Group reported a loss of $14.1 million (R182.6 million), representing an 81% increase than the year prior, when the group recorded a loss of $7.8 million (R100.8 million). The loss derives from sales revenue decreased by 19.5% to $41.8 million (R540.2 million) compared to the corresponding period a year earlier. Diamond sales by volume fell 17.5% to 40,187 carats, while the average price of rough sold dropped 2.2%, the company reported.
Australian junior miner Lucapa Diamond Co. earned US$0.95 million (A$1.25 million) from a parcel of 1,236 carats at their fifth sale in 2017 of rough diamonds from the Lulo Project in Angola. This represents an average price of US$770 (A$1,013) per carat, and brings their total 2017 sales to US$15.4 million (A$20.3) at an average price of US$1,620 (A$2,132) per carat.
"With world diamond prices currently 'very unexciting' and with stagnant growth forecast for jewellery sales, junior miners should think long and hard before investing in diamond exploration projects, as there is a risk of decreased investment from the market." This is how Megan Van Wyngaardt of Mining Weekly Online summarized the presentation of Cadiz Securities economist Peter Major at the Junior Indaba held this week in Johannesburg, who warned that the diamond mining industry was currently “filled up”.
Russia's diamond mining giant ALROSA has confirmed it will participate in the development of the newest and largest diamond deposit in Angola - the Luaxe Kimberlite. Luaxe was discovered in 2013 when the Angolan national diamond mining company Endiama and ALROSA carried out the correlation study to identify Angola's diamond potential. The geological research points to reserves evaluated at 350 million carats and a mining lifespan of 30 years, with the potential to produce over 10M carats annually for an estimated value of $35 billion. Production could commence by the end of the decade.
Lucapa Diamond Company completed it’s fourth sale in 2017 from the alluvial diamonds from the Lulo Diamond Project in Angola, achieving an additional $1.3 million in revenues. The miner sold 1,878 carats at an average price of $695 per carat, lower than the $1,317 average the previous month. The latest sale brings total proceeds from the Lulo diamond sales in 2017 to $14.5m, reaching an average of $1,747 per carat.
Angolan diamond mining company ENDIAMA and Russian miner ALROSA announced on Tuesday in Luanda their intention to conduct studies to promote additional investments in the exploitation of kimberlites in Angola. The announcements came from the chairmen of ENDIAMA, António Carlos Sambula, and ALROSA, Sergei Ivanov at the end of an audience with the Angolan Vice-president, Manuel Domingos Vicente. Sergei Ivanov said business with Angola is flourishing and data indicates that 2016 was better than previous year, with net profits of US$137 million, as well as better quality of extracted diamonds.
This article is reprinted from Paul Zimnisky Diamond Analytics, courtesy of Paul Zimnisky.
Australian junior miner Lucapa Diamond Co. reported a significant increase in diamond recoveries and processing from their Lulo Diamond Project in Angola in the March quarter of 2017, according to an ASX announcement. Lulo alluvial mining company, Sociedade Mineira Do Lulo (40% owned and operated by Lucapa) achieved record throughput volumes of 70,967 bulk cubic metres in Q1, a 91% increase over the same period a year prior. The increased processing resulted in a 33% increase in diamonds recovered to 4,098 carats.
Australia's Lucapa Diamond Co. has earned $2.5 million (A$3.3M) from a parcel of 1,919 carats at their third sale in 2017 of rough diamonds from the Lulo Project in Angola. This represents an average price of $1,317 (A$1,742) per carat, and brings their total 2017 sales to $13.2 million at an average price of $2,055 (A$2,696) per carat.
Australia's Lucapa Diamond Co. is ramping up kimberlite exploration efforts at its primary resource, the Lulo alluvial mining project in Angola. The company has fully commissioned a new high-capability Hanjin D&B drilling rig, with which they will start drilling priority targets as part of the kimberlite exploration program. The rig is one three that will be drilling kimberlite through the June 2017 quarter when the Angolan wet season ends, typically in April. The aim is to identify the kimberlite source of their high-value diamonds frequently recovered at the Lulo alluvial project.
Lucapa Diamond Company has posted a maiden JORC resource estimate for the Mothae Kimberlite Diamond Project located in the southern African country Lesotho, and has updated its JORC diamond resource for the Lulo Diamond Project in Angola. The maiden Mothae JORC estimate is over one million carats of diamonds with an average modelled value of $1,063 per carat, while the Lulo report notes a 10% increase in volume over the
The Lulo alluvial diamond venture in Angola has declared US$8 million in a combined distribution and capital repayment, and Lucapa Diamond - as operator and funder of both the Lulo alluvial mining and kimberlite exploration programs – will be entitled to receive a gross amount of US$5.6 million (A$7.3 million), the company writes in an ASX statement.
The month of March will again see a full schedule of rough diamond tenders and sales in Antwerp.
Lucapa Diamond Co. and its partners Empresa Nacional de Diamantes E.P. (“Endiama”) and Rosas & Petalas have announced the results of their second rough diamond sale from the Lulo Project in Angola: The parcel of 1,552 carats achieved gross sale proceeds of US$6.9 million (A$9.1 million). This represents an exceptional average price per carat of US$4,446 (A$5,836), bringing the total gross proceeds achieved at Lulo to date in 2017 to US$10.7 million (A$14.0 million). Lucapa has thereby reached the A$100 million ($75 m) milestone from sales of Lulo diamonds.
Trans Hex, a JSE-listed diamond exploration and mining company with well-established land operations in South Africa and interests in Angola, says trading volumes have returned to normal as a result of improved market conditions, leading to stronger results at its October 2016, December 2016 and February 2017 tender sales of rough diamond production from its wholly owned South African operations.
The Angolan state diamond company, Endiama, said it is currently negotiating with its partner ALROSA for the financing of the Luaxe kimberlite project and will not seek additional investors, reports Macauhub. The Luaxe Kimberlite was discovered in 2012 when Endiama and ALROSA carried out the correlation study to identify Angola's diamond potential. The geological research points to reserves evaluated at 350 million carats and a mining lifespan of 30 years.
Koin International will hold a rough diamond tender in Antwerp from 20 – 27 February, and will be presenting for the first time the production of IMDSA (Marine) as well as multiple other original rough mine productions. IMDSA is a new marine production mined in the seas of South Africa, comprising excellent models and gem quality production. Other productions on offer include Ekapa Minerals, ANGOLA F2M, Democratic Republic of Congo (DRC), Guinea, and brand new Koin Manufacturers’ Assortments (consistent monthly fixed assortments, perfect for manufacturers).
Lucapa Diamond Co., the Australian miner with its main operations at the Lulo Diamond Project in Angola, hqs confirmed recovery of a high-quality (Type IIa, D color) 227-carat diamond. It is the second largest diamond recovered to date at Lulo, following the recovery of a 404-carat stone a year ago. The latest diamond was recovered using Lucapa's new XRT large diamond recovery circuit recently installed at Lulo, and derived from its new Mining Block 28. It is the 7th +100 carat diamond recovered to date at the project.
Australia's Lucapa Diamond Company, whose main asset is the Lulo diamond project in Angola, has sold a parcel of 2,946 carats of Lulo diamonds earning gross proceeds of US$3.8 million (A$4.9M). This represents an average price per carat of US$1,276 (A$1,671), a far cry from their $2,983 per carat average from the fourth quarter of 2016. The sale comprised diamond recoveries through December 31 2016, and included a 75-carat diamond and a 55-carat diamond.
Angola’s national diamond company, Endiama, produced 9.21 million carats of diamonds in 2016, slightly exceeding target of 9 million previously set by the Ministry of Planning and Territorial Development. Last year the company’s turnover was US$1.079 billion, US$130 million less than in 2015, “because higher production led to lower prices per carat,” said chairman Antonio Carlos Sumbula. Upon receiving guidance, the chairman was able to implement certain changes such as producing fewer diamonds in order to raise the price in the main markets in 2017.
Australia's Lucapa Diamond Company Limited has announced that diamond production in the December 2016 Quarter from the Lulo Diamond Project in Angola was 5,313 carats, an increase of 147% on the corresponding quarter in 2015 and also the highest quarterly production achieved during the Angolan wet season. For the year, Lucapa's production was up 136%, from 8,394 to 19,833 carats recovered.
The Sociedade Mineira de Catoca (Catoca Mining Society, or CMS), the fourth largest diamond company in the world and the largest diamond company of Angola, responsible for 75% of the diamonds mined in the country, expects to double this year''s production, according to Prensa Latina. CMS's diamond production reached 7.2 million carats in 2016, announced the general manager of the company, in statements made Sunday in Saurimo, capital of Lunda Sul province.
Russian diamond giant ALROSA may increase its stake in the Catoca project in Angola, according to Forbes' Russian edition, translated by Rough/Polished. The diamond company is interested in the share, "which later would make it possible to consolidate the revenues and reserves", ALROSA's president Andrei Zharkov told Forbes.
The Angolan Minister of Mines and Geology has formally approved a new kimberlite exploration licence for the Lulo Diamond Project - known for yielding large, type-IIa diamonds, which account for less than 1% of global supply - operated Australian diamond miner Lucapa. The new kimberlite exploration licence is for a period of five years and covers the entire 3,000 square km concession.
Lucapa Diamond Co., the Australian miner operating their main resource at the Lulo Project in Angola, has annouced their largest single sale of rough diamonds to date: $8.3 million from the sale of parcel of 1,864 carats, representing an average price per carat of $4,452. This is more than was achieved during the entire final quarter of 2015, where three sales tallied $8.1 from three sales, and is equivalent to 65% of the company's entire revenue in 2015. Including this sale, the year-to-date sales of Lulo diamonds now sits at $44.8 million at an average price per carat of $3,132.