Lucapa Diamond (OTCMKT:LCPDF) Sees Record Results from Diamond Sales

Lucapa Diamond (OTCMKT:LCPDF) Sees Record Results from Diamond Sales

Lucapa Diamond (OTCMKT:LCPDF) Sees Record Results from Diamond Sales

$LCPDF

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.

Stay tuned…

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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