Members of the MIC committee and the JV partners, with Lucapa CEO Alex Kidman and group mineral resource manager Richard Price in Angola.
Australia-listed Lucapa Diamond Company has finalised the mineral investment contract (MIC) for its Lulo joint venture (JV) in Angola, increasing its stake to 51%.
Following a three-day meeting in Angola, all outstanding details were agreed upon by the MIC committee and JV partners, including Endiama, Rosas & Petalas, and Lucapa. The final agreement has been submitted to the Angolan Ministry of Mineral Resources and Petroleum for formal signing.
A signing ceremony is expected to be arranged soon, with Lucapa set to update the market once a date is confirmed.
“Securing a majority stake of the Lulo exploration JV is a pivotal outcome for Lucapa because it will deliver us an increased share of any exploration success and the finalisation of the new MIC is something a number of our shareholders have been awaiting for a long time. I’d like to thank the MIC committee for its commitment to finalising this process, which I have been determined to settle since becoming CEO," said Lucapa MD and CEO Alex Kidman.
"The progress with the MIC shows Angola’s commitment to Lucapa and to Lulo, as one of the highest profile diamond projects in the country and we look forward to continuing to work with our partners to find the source of Lulo’s incredible diamonds.” 