Sunday, May 19, 2024
Advertisements

Lucapa Strikes Diamond Deal: Trio Sold for $10.5 Million

Lucapa, a key player in the mining sector, has recently made waves with a significant diamond transaction, selling a trio of exceptional diamonds from its Lulo alluvial mine in Angola. Facilitated by Sodiam, Angola’s state-run diamond trader, the tender resulted in a substantial revenue of $10.5 million for the Australian mining company.

Advertisements
Advertisements

What sets this sale apart is not only the impressive financial result but also the remarkable quality of the diamonds involved. The trio, with a combined weight of 361 carats, includes diamonds of notable size and purity. Notably, among them is a striking 203-carat diamond, ranking as the fifth largest discovery and the 43rd gem exceeding 100 carats since Lucapa commenced commercial mining operations at the Lulo site in January 2015.

Advertisements

Nick Selby, Lucapa’s CEO and managing director, expressed satisfaction with the tender’s outcome, emphasizing the industry’s recognition of the exceptional quality of these Type IIa diamonds. The remarkable average price per carat of $29,000 underscores the enduring strength of the high-end segment in the diamond market.

This successful sale not only underscores Lucapa’s proficiency in diamond extraction and marketing but also highlights the potential of the Lulo mine as a significant contributor to Angola’s diamond industry. With Lucapa holding a substantial 40% stake in the mine, and the remaining shares divided between Angola’s national diamond company, Endiama (32%), and private Angolan entity Rosas & Petalas (28%), the success of this recent tender augurs well for all stakeholders involved.

Advertisements
Advertisements

Related Articles

Latest Articles