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RR1:AU
Rights Issue and Shortfall
Lucapa Diamond Recovers More Large Diamonds from Lulo Project
Jan. 10, 2018 04:30PM PST
Gem Investing
The company recovered two gems weighing 103 carats and 83 carats from the Angola-based diamond project earlier this week.
Lucapa Diamond Company (ASX:LOM) and its partners Empresa Nacional de Diamantes and Rosas & Petalas announced the latest recoveries from its Lulo diamond project in Angola.
Included are two diamonds weighing 103 carats and 83 carats, proving the potential of the Lulo resource.
The 103-carat diamond is the ninth +100-carat diamond recovered to date from Lulo. The latest large-stone recoveries follow the recovery in November 2017 of two type IIa D-color gems weighing 129 carats and 78 carats. In early 2016, Lupaca had its largest recovery to date — a 404.2-carat diamond known as the 4th February Stone, which sold for US$16million.
The Lulo project, which commenced commercial mining operations in January 2015, is a 3,000-kilometer concession in Angola’s Lunda Norte diamond heartland, with alluvial and kimberlite exploration activities being steadily conducted since 2008.
Alluvial miningis responsible for sourcing 10 percent of the world’s rough diamonds and is achieved through a process that involves separating diamonds from sediment. At industrial operations, this is accomplished when diamond-bearing sediment is found on the ocean shore or in riverbeds. The sediment is then removed and taken to a plant where it is washed and screened for diamonds.
Meanwhile, for offshore operations, specially constructed ships suck diamond-bearing sediment from the ocean floor, then transport it to plants for screening.
Lucapa continues to grow, with a portfolio of high-quality production, development and exploration assets in Angola, Lesotho, Botswana and Australia. The company’s focus on high-value diamond production is designed to protect cash flows in all diamond price environments.
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Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.
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