Australian Mining Company Unearths Massive Diamond, Shares Soar
Lucapa Diamond Company’s shares are soaring with its recent record-breaking discovery.
The Perth-based Australian mining company has just unearthed a massive 404.2 carat Diamond, sending its shares up 32% to $0.425. Based on its weight, the Diamond is estimated to be worth over $800,000.
The enormous gem marks the biggest Diamond ever found by an Australian company, aside from hitting # 27 on the list of the world’s largest.
The 404.2 carat Diamond is also the 4th diamond recovered from the Lunda Norte province in Angola to weigh over 100 carats. The record for Angola’s largest Diamond remains unshattered – in Y 2007, the 217.4 carat Angolan Star topped that list.
“We have always emphasized the very special nature of the Lulo Diamond field and this recovery, together with the other 100 carat-plus diamonds recovered this year alone is further evidence of that,” says CEO Stephen Wetherall.
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