Rapaport conducted an interview with Stephen Wetherall, CEO of Lucapa Diamond Company, about the Lulo alluvial mine in Angola that it operates and partly owns (40%). “Our goal is to reach alluvial production of 50,000 carats per year, which should enable us to generate sufficient cash to fund part of our kimberlite exploration program."
“Lucapa also recently launched a 24-month kimberlite exploration program. After initial drilling and testing we have found 100 geological anomalies that have proven to be kimberlites or probable kimberlites … To date, we have proven four of these kimberlites to be diamondiferous, but I cannot say whether we will manage to locate the kimberlite source of the alluvial diamonds or if it will be economically feasible to mine.” While most mines take 8 years to be operational, Wetherall believes the Lulo mine can be up and running in 3. Lucapa also owns 39% of the kimberlite mine.