Lucapa Diamond Reports Significant Rise in Production, Sales from Lulo

Mining and Exploration
05/07/2017 16:29

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. 

Sales during Q2 totaled $4.8 million, compared to $4.1 million in Q2 of 2016. H1 sales achieved $15.4 million - a significant decline from the $36.6 million in sales relized in H1 2016, although the figures for that period were skewed by $16 million earned from a single stone: the 404-ct "February Stone". Q2 Production included 57 'specials' (10.8 carats and up), a 97% increase over Q2 2016. Two of these specials (including the 60 carat D-color diamond pictured) weighed over 50 carats. For the first half of the year, the company has recovered a total of 95 'specials'.

The company notes that diamond production increases were generated from a 55% rise in mining volumes to 57,283 bulk cubic metres (bcm), keeping Sociedade Mineira Do Lulo on track to achieve record and targeted annual production of 240,000 bcm for calendar year 2017.