Following the discovery of a 64-carat rough that the company considers the highest-quality diamond from the Mothae Mine to date, Lucapa Diamond Company has announced earnings of $6.2 million (AUS$8.8 million) from the latest sales of diamonds from the Lulo alluvial mine in Angola and the Mothae kimberlite mine in Lesotho. The latest sales from Lulo and Mothae take total sales from both mines to US$35.5 million (A$50.2 million) for the year to date.
Lucapa Diamond Company is expecting to start turning an operational profit this year after achieving exceptional prices for its rough diamonds at its H1 tenders in Antwerp. The miner says it has also delivered on key operational goals at its Lulo (Angola) and Mothae (Lesotho) diamond mines in the June 2019 Quarter as well as in the first half of 2019. In H1 2019, the company recovered 20,504 carats and banked $US29.4m (AUS$41.9m) from sales.
According to Angola's Natural Resources and Oil Minister Diamantino Azevedo, the national diamond company Endiama will be privatized and its capital will be partially floated on the stock exchange, the Portuguese news agency LUSA first reported. "The improvements that we are making are in the governance of the sector," Azevedo said.
Lucapa Diamond Co. yesterday formally annouced the launch of the next exploration phase to locate the kimberlite source of the high-value alluvial diamonds at the Lulo project in Angola. The next 12-month program is based on an extensive technical review of Lulo kimberlite exploration results to date, including those of the extensive 2018 drilling program which confirmed a further 70 kimberlites within the Lulo alluvial diamond field, which increased the total known kimberlites within the concession to more than 100.
Lucapa Diamond Co.'s latest sale of diamonds from the Lulo alluvial mine in Angola achieved gross revenues of US$10.0 million (A$14.5 million) from run of mine parcels totalling 5,573 carats, representing an average price of US$1,800 per carat. This took total sales of Lulo diamonds to date in H1 2019 to US$22.1 million achieving an average price per carat of US$3,668, "further underling Lulo’s status as the world’s highest average price alluvial diamond production," the miner writes.
A delegation from Angola paid a visit to Antwerp this week as part of the country’s ongoing efforts to restructure and reform the functioning and reputation of its diamond industry, traveling to the diamond capital for consultations regarding implementation of the Kimberley Process (KP) regulations. The visit follows that of President João Lourenço to Antwerp last June, and the Belgian mission to Angola last November, spearheaded by Belgium’s Deputy Prime Minister and Minister of Foreign Affairs and European Affairs, Didier Reynders.
Russian diamond miner Alrosa believes that the former and current management of Angolan diamond mine Catoca - in which Alrosa holds a 41% stake - is responsible for secreting away nearly $10 million, and will call upon a U.S. court to obtain discovery of evidence.
Lucapa Diamond Co. has recovered a 130 carat gem-quality diamond from its Lulo Diamond Project in Angola. The 130-carat diamond is the 13th diamond larger than 100 carats the miner has recovered to date and the second recovered so far in 2019 from the mine that produces the highest average US$ per carat alluvial diamond production in the world. Lucapa continues to recover large Special (+10.8 ct) white and fancy colored diamonds at the Lulo diamond concession.
Lucapa Diamond Co. has reported an "excpetional performance" from the Mothae kimberlite mine in Lesotho in its first full quarter of production, while output from the Lulo alluvial mine in Angola fell as the miner focused predominantly on lower grade mining areas. The miner held two milestone tenders during Q1 2019: its first ever sale of Lulo diamonds via international tender under the new diamond marketing reforms enacted by the Angolan President, Joao Lourenco, and its first commercial run of mine tender from Mothae via Bonas tender house in Antwerp.
Russian diamond mining giant Alrosa and Angola's state-owned diamond firm Endiama have signed an agreement to develop joint projects including diamond production, exploration, training, research and technology exchange. It identifies areas of mutual interest to develop diamond production in Angola as well as cooperation on mechanisms in diamond sales. The companies also intend to work together on the development of industry self-regulation mechanisms and responsible diamond supply chains in support of the Kimberley Process.
Lucapa Diamond Co. reports that its inferred diamond resource estimate of in-situ carats at its 40%-owned Lulo diamond mine in Angola has nearly doubled since it was last analyzed in May 2017, increasing 90% to 80,400 carats. The modelled average price per carat also rose to $1,420, a 17% increase over the previous modelled estimate of $1,215 per carat. Overall sales of Lulo diamonds to date total ~US$141 million at an average price per carat of ~US$2,100.
Australian diamond miner Lucapa has reached two milestones in the space of a month: first, the inaugural international tender of Angolan diamonds offered for sale via a competitive tender under the new diamond marketing policy enacted by the Angolan President, Joao Lourenco, and the maiden tender of goods from the Mothae mine in Lesotho held at Bonas t
Angolan president Joao Lourenço came into power about 18 months ago, stating his intention to fully reform the country's diamond industry, and his progress has been undeniable. Starting with untangling the country from the business interests of his predecessor’s family - president Jose Eduardo dos Santos and his daughter Isabel dos Santos - he set out to increase transparency and promote the country ́s image abroad in order to facilitate the exportation of goods and services and attract direct foreign investment. Lucapa Diamond Co.
Lucapa Diamond Co. sold seven large, top-quality diamonds weighing 498 carats at the inaugural competitive tender under Angola’s new diamond marketing policy, earning US$16.7 million, representing an average price of US$33,530 per carat. The exceptional stones from the Lulo alluvial mine in Angola were offered for sale via electronic tender organised by Sodiam (Angolan state diamond marketing company) in Luanda.
Diamond production in Angola remained flat in 2018 at 9.43 million carats, but revenue from diamond sales increased by 9% to $1.2 billion from $1.1 billion due to a 27% rise in the average price per carat, the chairman of the state mining company Endiama, Ganga Júnior, announced this week. Diamond production fell slightly from 9.44 to 9.43 million carats, but the average price per carat of the 8.26 million carats sold increased to $149 per carat from $117 per carat.
Angola has extended across the country what it calls “Operation Transparency”, which aims to fight illegal immigration, reduce diamond smuggling and reform the world’s fifth-largest diamond industry, Angolan authorities said in a statement. It is part of President João Lourenço’s drive to diversify the economy and reduce the country’s dependency on oil.
A hub dedicated to the diamond industry in Angola will be inaugurated in 2019 in Saurimo, Lunda Sul province, the minister of Mineral Resources and Oil announced at the end of December. Diamantino Azevedo said that setting up the hub, a project developed jointly by state diamond mining and processing company Endiama and state diamond sales company Sodiam, is in its final phase. The minister also said that the hub project includes a diamond cutting and polishing factory, a professional technical school and other institutions and industries linked to the diamond business.
Angolan mining company Sociedade Mineira da Catoca (Catoca) is planning to invest $330 million over the next three years in large sample collection works in the area of the future Luaxe mine, according to the company’s Director General Benedito Paulo. The work is due to begin in the first half of next year, when the company will collect data on the quality of diamonds as well as initiate price discovery and evaluation, after which the economic and financial feasibility study will be carried out as well as the exploration project, according to a report by Macauweb. Paulo said that t
Mining company Lucapa Diamonds and its partners on the Lulo project in Angola have announced that their diamonds will feature in an historic inaugural international tender in the country. The tender is part of the new Angolan diamond marketing laws recently been approved by President Joao Lourenco and the Council of Ministers. According to Lucapa, the policy shifts in Angola allow management to plan for the sale of such high-value stones, something the company was not able to do before because previous rules forced producers to sell their gems to middlemen below international prices.
Australian miner Lucapa Diamonds earned $4.2 million from its latest tender of rough goods from its Lulo alluvial mine in Angola, as it continues to hold back high-value goods until it can take advantage of Angola's new marketing policy. The sale involved 3,411 carats and earned an average price of $1,220 per carat, and brings the miner's total sales of Lulo diamonds for the year to $24.5 million at an average price per carat which now stands at $1,353, a figure which has declined from an average price per carat of $1,642 as of the half-way point of 2018.
The Angolan authorities have shut down 279 diamonds sale and purchase houses, as well as canceled the activity of 122 co-operatives dealing in diamonds exploration, 52 days after the start of the “Operation Transparency”, announced last Wednesday in the northern Malanje Province, reports Angolan Press outlet ANGOP. “Operation Transparency” is essentially intended to fight illegal immigration, illegal exploration of diamonds and put a stop to environmental crimes committed in the ambit of the irregular prospecting of minerals.
During initial tests of new flood plains being explored near the Lulo diamond project in Angola, Lucapa Diamond Company has discovered of a new alluvial source of large and premium-value diamonds. Lucapa reports a total of 1,502 carats recovered so far from 11,155 bulk cubic metres processed, achieving a diamond grade of 13.5 carats per 100 cubic metres. The sample included 17 specials (+10.8 carats), including an exceptional 55 carat Type IIa D-colour white The average size of the diamond recovered was 1.4 carats.
All signs are pointing upward for Lucapa Diamond Co. these days, with the exception of their rough diamond sales in Q3, which fell by 49% as the miner withheld several exceptional, large and premium-value specials (+10.8 ct.) for sale at a later date. This parcel (pictured) includes a 46-carat pink, and top-color Type IIa white diamonds weighing 114, 85, 75, 70, 62, and 43 carats respectively.
Lucapa Diamond Company has commenced its commissioning of the 1.1Mtpa (million tonne per annum) treatment plant at the high-quality Mothae kimberlite open-pit diamond mine in Lesotho (Lucapa 70%; Gov't of Lesotho 30%), despite the challenges of the winter snowfalls in the Maluti Mountains (altitude > 3,000 metres).
CEO of Australia’s Lucapa Diamond Company, Stephen Wetherall, paid a visit to Antwerp recently, where The Diamond Loupe caught up with him. We encountered an optimistic CEO that is clearly excited about the future of Lucapa, and justifiably so. The growing miner operates, together with its partners in Angola, the highest-value and most promising alluvial diamond project in the world - the Lulo Diamond Project.
A nationwide crackdown on diamond shop owners and potentially illicit dealers in Angola last week led to four people being killed and seven injured in the Lunda Norte province bordering the Democratic Republic of Congo. The incidents occured on the margins of a police operation targeting foreign nationals suspected of diamond smuggling, media said last Friday.
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
Lucapa Diamond Company today announced that a selection of large, premium-value Lulo diamonds will be the first Lulo production sold through new marketing channels being introduced as part of Angola’s diamond sector reforms, which represent a milestone for Angola's rough diamond trade. Additionally, Lucapa has exported its first parcel of ~2,500 carats of diamonds recovered from the Mothae kimberlite diamond mine in Lesotho to the global diamond trading centre of Antwerp, Belgium.
Tango Mining Limited, a Canadian diversified junior mining company with several projects in southern Africa, has been busy expanding its portfolio of diamond projects. Tango is the lead company at the Oena diamond mine in South Africa, as well as Txapemba, an 84 sq km concession in Angola that Tango took operational control of last October. It also recently acquired 75% of the Middlepits project - an alluvial diamond property in Botswana, which it will not be responsible for mining - and has now signed new agreements in Angola and Liberia.
Representatives from the Antwerp World Diamond Centre (AWDC) this morning joined Belgium’s Deputy Prime Minister and Minister of Foreign Affairs and European Affairs, Didier Reynders in Angola, where he hosted a Diamond Breakfast Symposium in cooperation with the Ambassador of the Kingdom of Belgium to Angola, HE Frank Felix. The mission to Angola is intended to reinforce the momentum established between the two countries during the visit of the President of Angola, João Lourenço, to Antwerp last June, where they discussed increased cooperation concerning diamond trading.
Angolan mining company Sociedade Mineira da Catoca, the fourth largest producer of diamonds in the world and the largest in Angola, has appointed Benedito Paulo Manuel as its new chief executive. He replaces Sergei Amelin, a Russian, who after three years of office has made his post available "to take on new challenges." Manuel said Catoca would in the next five years focus on improving operational efficiency to boost diamond output and tax contribution. Catoca currently produces over 86% of all Angolan diamonds by volume and 60% by value.
Lucapa Diamond Company completed the first sale of alluvial diamonds for H2 2018 from the Lulo Diamond Project in Angola: the parcel of 2,527 carats achieved gross sale proceeds of US$2.0 million (A$2.7 million), representing an average price per carat of US$800 (A$1,079), as several large stones were excluded from the sale.
World Diamond Council (WDC) executives traveled to Angola last week for a series of meetings with stakeholders involved in the Kimberley Process (KP). WDC Acting President Stephane Fischler and Executive Director Marie-Chantal Kaninda made the trip at the invitation of Angolan authorities, marking the first time there has been a WDC mission to Angola outside of a formal KP meeting.
Lucapa Diamond Co. has announced the recovery of a 114 carat diamond from the alluvial Lulo Diamond Project in Angola, the 11th +100 carat diamond recovered to date from the prolific Lulo diamond field and the third so far in 2018. The 114 carat diamond adds to a significant inventory of large diamonds currently held for a later sale by Lulo mining company Sociedade Mineira Do Lulo.
Angolan President João Lourenço has vowed to reform Angola’s diamond industry, increasing its transparency in order to facilitate the exportation of goods, attract foreign investment and increase government revenue from the country's natural resources.
Australian diamond miner Lucapa Diamond Corp. earned US$2 million (A$2.7 million) in revenues from its latest sale of rough diamonds from the Lulo Diamond Project in Angola. Lucapa sold 1,782 carats at an average price per carat of US$1,150 (A$1,530). Including this sale, the miner's gross proceeds from Lulo diamond sales to date in H1 2018 now sits at US$15.9 million (A$20.2 million) at an average price per carat of US$1,642 (A$2,093). The sale excluded a number of large white specials (+10.8 carats) and a coloured special, which were held back for a future sale.
Koin International will hold a rough diamond tender in Antwerp from 18 - 26 June 2018, including original productions from Meya Mining (Sierra Leone), Ekapa Minerals (Kimberley, South Africa), and over 60,000cts of rough goods from Angola. The tender will also feature an Single Stone Tender of 'special' (+10.8 carat) stones from Angola. All productions are a full range of colours and qualities.
Angola’s Catoca, the world’s fifth largest diamond mine, estimates it lost $464 million over the past six years due to a government-imposed marketing system that obliged it to sell production below international prices, writes Reuters after having been shown in March a company presentation. President João Lourenço has vowed to reform Angola’s diamond industry, increasing its transparency in order to facilitate the exportation of goods and services and attract direct foreign investment, all in the interest delivering greater revenues from the country's natural resources.
João Lourenço, the President of the world’s fifth largest diamond-producing country, Angola, today paid a ceremonious visit to the world’s largest diamond trade center, Antwerp - his first visit to an international diamond trade hub. In what was initially described as a friendly, exploratory house-call, President Lourenço made it clear that he views his visit to Antwerp as part of his intention to increase transparency and promote the country ́s image abroad in order to facilitate the exportation of goods and services and attract direct foreign investment.
ALROSA, jointly with Endiama, is planning to invest about $500-700 million in Luaxe mining project in Angola, accoring to Russian news agency TASS as reported by Rough&Polished. Last year, ALROSA increased its shareholding in Catoca mining to 41%, ensuring a stronger role in the development of the Luaxe pipe in close proximity to Catoca's infrastructure. Luaxe has a reported reserve of some 350-million carats in the Luele Kimberlite pipe. The operation is projected to have a life-of-mine of 29 years, cover a surface area of 100 ha and reach a depth of 400 m.