Lucapa Found Another Large Diamond in Angola

Lucapa Found Another Large Diamond in Angola

Lucapa Found Another Large Diamond in Angola


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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