Lucapa Found Another Large Diamond in Angola

Lucapa Found Another Large Diamond in Angola

Lucapa Found Another Large Diamond in Angola

$LCPDF

Australia’s Lucapa Diamond (ASX:LOM, OTCMKT:LCPDF) has discovered yet another large diamond at its prolific Lulo mine in Angola, a 46-carat pink stone, the largest colored gem-quality rock ever recovered there.

The company said the gem-quality colored diamond eclipsed both the 43-carat yellow gem found in January and the almost 39-carat pink dug up in September last year.

“The frequent recovery of large and premium-value diamonds from new areas along the Cacuilo river valley continues to illustrate the uniqueness and potential of the Lulo concession,” the miner said in the statement.

It has been a good year for Lucapa so far, with the company fetching $1.7-M (A$2.1-M) in March from selling its Lulo findings.

The 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 has a 35-year license for Lulo, which early last year bore a 404.2-carat white diamond, considered the largest diamond ever recovered in Angola and the biggest diamond ever found by an Australian company.

It also holds a 70% interest in the Lesotho-based Mothae project, located within 5 km of Gem Diamonds’ (LON:GEMD) Letšeng mine, which in February yielded a 910-carat rock, the 5th biggest gem-quality diamond ever found.

Angola is the world’s #4 diamond producer by value and #6 by volume. Its industry, which began a century ago under Portuguese colonial rule, is successfully emerging from a long period of difficulty as a result of a civil war that ended in Y 2002.

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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