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.
Comments
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...
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
