Lucapa Awarded Five-Year Licence for Lulo Project in Angola

Mining and Exploration
20/09/2018 16:50

Lucapa Diamond Company Ltd., a growing diamond company with a portfolio of high-quality production, development and exploration assets in Angola, Lesotho, Australia and Botswana, has been awarded a new Mineral Investment Contract (MIC) by the Angolan Ministry of Mineral Resources and Petroleum for the Lulo kimberlite exploration licence. The MIC covers a five-year period through to 30 April 2023. Lucapa Managing Director Stephen Wetherall said the gazetting of the new five-year MIC for the Lulo kimberlite licence was further evidence of Angola’s diamond sector reforms and the strong working relationship between Lucapa and its Angolan partners. Lulo is known as the world’s highest US$ per carat alluvial diamond mine. 

“Following on from the recent gazetting of Angola’s new diamond marketing policy, this new five-year award is another sign of the positive changes taking place in the Angolan diamond sector, which are aimed at increasing foreign direct investment and diamond production,” Weatherall said. Lucapa is a co-owner and operator (40%) of the kimberlite (primary source) exploration program on the highly prospective 3,000km2 Lulo concession, which is run in parallel with the high-value alluvial diamond mining activities, conducted via Sociedade Mineira Do Lulo. Lucapa and its partners have established a systematic year-round kimberlite drilling program which aims to identify the primary hard-rock source, or sources, of the exceptional large and high-value alluvial diamonds currently being recovered proximal to the kimberlite targets at Lulo.