Bloomberg reported that in the next two years, Lucapa Diamond Company Ltd. (ASX:LOM) plans to start an Angolan diamond mine that could be more valuable than the Catoca mine, currently the biggest gem producer in the country.
As quoted in the market news:
The Lulo deposit about 700 kilometers (435 miles) east of Luanda, the capital, could be even more valuable than Catoca, the world’s fourth-largest kimberlite mine, judging by stones that fetch an average of A$6,960 ($6,533) a carat Lucapa Managing Director Miles Kennedy said. That compares with about $100 a carat that Catoca gems bring.
Beyond doubt from what has washed off the kimberlites into the ancient river channels suggests that the prize once farmed and delivered is going to be substantial. This is a long, scientific game and we’re not trying to over-promote it at this stage, but the early finds are definitely there.