Lucapa achieves strong diamond sales despite soft market conditions
ASX-listed Lucapa Diamond Company reports that the Lulo diamond mine, in Angolo, in which it has a 40% interest, sold 5 587 ct at an average price of $3 033/ct during the quarter ended September 30, generating revenue of $16.9-million.
Production at Lulo was in line with the corresponding quarter in 2023, despite the change of mining plan owing to late seasonal flooding.
A lower recovered grade was offset by the processing of a larger volume of gravel.
During the third quarter, the team completed one river diversion and started a second, to gain access to the higher-grade leziria (floodplain) gravels.
“Mining at Lulo in the third quarter consisted of a mixture of terrace and leziria blocks. Leziria mining was ramped up following the late season flooding experienced in the second quarter,” says MD Nick Selby.
“We are encouraged by the early outcomes from mining in leziria Block 1 and look forward to the results to come from the higher-grade Block 6 after completing the river diversions. Block 6 has historically produced large, high-value diamonds, and we are aiming for a strong finish to the year in terms of Lulo’s production,” he adds.
The Lulo mine is a joint venture between Lucapa, and Angolan companies Endiama and Rosas & Petalas.
Notably, Lucapa reports that a 176 ct Type IIa diamond recovered at Lulo during the third quarter was sold at tender post period for $3-million, or $17 200/ct.
Meanwhile, the divestment of Lucapa’s 70% stake in the Mothae mine, in Lesotho, was completed during the quarter under review.
Prior to that, from July 1 to 31, the mine had produced 2 751 ct for the quarter.
Sales of diamonds recovered at Mothae for the quarter included 4 186 ct at an average price of $420/ct for revenue of $1.8-million.
Lucapa says the diamond market overall continues to experience soft market conditions; however, the sales prices of Lulo’s large diamond population has not been significantly impacted on in recent tenders.
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