Wednesday, June 5, 2024
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Lucapa to Divest from Lesotho Diamond Mine

Subiaco, Western Australia — Lucapa Diamond Company Ltd. has announced its intention to divest its 70 percent stake in the Mothae Diamond Mine in Lesotho, with the remaining 30 percent held by the Lesotho government.

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Situated in the Maluti Mountains, the Mothae mine commenced commercial operations in 2019 and is renowned for producing large, high-value diamonds. According to Lucapa, these diamonds command the second-highest dollar-per-carat price for kimberlite diamonds globally.

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In addition to its interest in Mothae, Lucapa holds a 40 percent stake in the Lulo alluvial diamond mine in Angola, partnering with state-owned Endiama and private firm Rosas & Petalas. Lucapa is also advancing the Merlin Diamond Project in Australia’s Northern Territory, conducting feasibility studies, and exploring for diamonds in Botswana and Western Australia.

Lucapa Chairman Stuart Brown emphasized the need to streamline the company’s portfolio to focus on core assets in Africa and Australia. “Our collaboration with the Lesotho government on the Mothae Diamond Mine has been rewarding. Our management has optimized the plant to recover large diamonds, and we anticipate significant interest from the diamond industry and beyond,” Brown stated.

The company has prioritized the divestment process and plans to update the market in the coming weeks. Lucapa is finalizing a data room with detailed information about Mothae for potential buyers.

Lucapa’s divestment announcement coincides with Anglo American’s decision to streamline its operations, including plans to sell four businesses, among them De Beers Group and Anglo American Platinum.

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