Lucapa pushes pause on Merlin feasibility study to assess alternative development options
ASX-listed Lucapa Diamond Company has paused work on a feasibility study into its Merlin diamond project, in Australia's Northern Territory, to assess the potential development of a smaller-scale, lower-cost alternative path to development.
The diamond miner, which also holds an interest in the Lulo and Mothae mines, in Angola and Lesotho, respectively, states that, in light of the current capital market environment and softening of diamond prices this year, it is prudent to pause the feasibility study on the Merlin project and consider lower production and capital cost options.
The alternate study, which is already well advanced, will examine, among other things, using existing resources, such as the trial mining plant and front-end scrubber, to get Merlin into production.
The diamond miner expects to finalise the capital and operating estimates for the smaller-scale development during 2024.
“Lucapa is in the fortunate position to be debt-free and have two profitable producing mines. For the next 12 months, we will focus on further strengthening our balance sheet.
"Rather than raise capital to fund the original Merlin development, we will focus on a lower-cost pathway to development using existing resources," Lucapa MD Nick Selby says.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
