Lucapa Diamond (OTCMKT:LCPDF) Sees Record Results from Diamond Sales
Shares in Australian Lucapa Diamond (ASX:LOM) (OTCMKT:LCPDF) rose Monday after the company announced a record result from the latest sale of diamonds from the Lulo diamond project in Angola.
The Africa-focused miner said it has taken $8.3-M after selling 1,864 carats of rough diamonds, which worked out to be $4,452 per carat.
The figures are the highest ever achieved for a sale of gems from the Angola mine, except from the 404.2-carat diamond sold for $16 million in February, it said.
The company’s stock closed 3.4% higher at 0.455, which bring the annual gains to almost 61%.
The Lulo diamond project, located 150km from Alrosa’s Catoca mine, the world’s 4th largest diamond mine, hosts type-2a diamonds which account for less than 1% of global supply.
Lucapa holds a 35-year license for the project that has so far bored massive gems, including the 404.2-carat White found early this year, it is the largest diamond ever recovered in Angola and the biggest ever found by an Australian company.
Angola is the world’s #4 diamond producer by value and # 6 by volume.
The industry, which began a 100 yrs ago under Portuguese colonial rule, is emerging from a long period of difficulty as a result of a civil war that ended in Y 2002.
The government has reduced taxes and cut state ownership requirements to boost the industry after the Y 2008 global financial crisis forced mines to close.