Lucapa Brings in AU$8.8 million from Diamond Sales

Lucapa Diamond (ASX:LOM) has announced the results from the latest sales of diamonds from the Lulo alluvial mine in Angola and the Mothae kimberlite mine in Lesotho.

As quoted from the press release:

The latest sales from Lulo and Mothae take total sales from both mines to US$35.5 million (AU$50.2 million) for the year to date on a 100 percent basis.

Lulo (Lucapa 40 percent and operator)

The run of mine parcel of 3,558 carats of Lulo diamonds sold for gross proceeds of US$4.4 million (AU$6.3 million) representing an average price per carat of US$1,234 (AU$1,768). This took total sales of Lulo diamonds to date in 2019 to US$26.5 million at an average price per carat of US$2,764. The latest sale did not include the high-value 46 carat Lulo pink diamond, which is being considered for cutting and polishing by the Lulo partners to capture margins from beyond the mine gate. Lulo alluvial mining company Sociedade Mineira Do Lulo (“SML”) is planning a second diamond sale in Q3 2019.

Mothae (Lucapa 70 percent; Government of the Kingdom of Lesotho 30 percent)

The parcel of 4,376 carats of Mothae diamonds sold for gross proceeds of US$1.8 million (AU$2.5 million). This represented an average price per carat of US$400 (AU$579) for the run of mine production and US$475 (AU$688) per carat for diamonds in the +11 sieve size fraction1 . The sale result was impacted by the decision to withhold from sale the highest-valued Mothae diamond in the tender – a 36 carat D-colour stone. This diamond is also being considered for cutting and polishing to capture margins from beyond the mine gate. The latest sale took total Mothae sales to date in 2019 to US$9.0 million (AU$12.9 million) at an average price per carat of US$539 (AU$767) and US$661 (AU$941) for the +11 sieve size fraction.

Click here to read the full announcement