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Lucapa’s Lulo in Angola is WhyAfrica’s Pick Of The Week

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Work in progress at Lucapa Diamonds' Lulo diamond mine in Angola. Image credit: Lucapa Diamonds

Lucapa’s Lulo in Angola is WhyAfrica’s Pick Of The Week

Last year’s exploration activities at Lucapa Diamonds’ Lulo alluvial mine increased resource in-situ carats by two percent to 153,870 carats.

This is the fifth consecutive year that Lulo’s resource carats have increased, despite the significant increase in mining and processing capacities over the last seven years.

The 3000 km2 Lulo concession is one of the world’s most prolific alluvial diamond fields.

Lulo regularly produces large, premium Type IIa diamonds. To date, more than 35 +100 carat diamonds have been recovered from Lulo.

The largest recorded diamonds in Angola’s history have been recovered at the mine, they are the “4th February Stone” (weighing 404 carats), an un-named 227 carat white diamond and the “Lulo Rose”, a 170-carat pink coloured diamond.

Updated Resource announced (Lucapa’s Lulo in Angola is WhyAfrica’s Pick Of The Week)

ASX listed Lucapa and its partners Sociedade Mineira Do Lulo (SML), Empresa Nacional de Diamantes E.P. and Rosas & Petalas announced the updated JORC Classified Inferred Alluvial Diamond Resource for Lulo recently.

The updated Diamond Resource was independently estimated and reconciled on a depletion and addition basis to 31 December 2022 by external consultants, Z Star Mineral Resource Consultants. Z Star us based in Cape Town, South Africa.

The updated Resource was based on mining operations during which 35,398 carats were recovered from more than 572,780 bulk metres of gravel.

According to a statement by Lucapa, the delineation of new and/ or additional resources and improved knowledge of existing resource areas were achieved through extensive 9,300-hole auger drilling and about 2,150-hole pitting programs.

Diamond value escalates (Lucapa’s Lulo in Angola is WhyAfrica’s Pick Of The Week)

Sales of diamond production in 2022, totalled USD79.6-million at an average price of USD2,449/ carat.

The steep recovery in the diamond market in 2021 and early 2022 had a positive effect on diamond valuations and sales. The modelled diamond value has been escalated using the global natural rough diamond price index up to 31st December 2022, as provided by GTD Consultants, an independent diamond valuation consultancy.

According to Lucapa, the modelled diamond values have increased by 3.5% from USD1,930/ carat to USD2,000/ carat on average. To date, more than 167,000 carats of diamonds have been recovered on the Lulo concession and sold by SML for about USD348-million, at an average price of USD2,100/ carat

The total diluted volume of gravel available for mining in the updated Lulo Diamond Resource increased to 2.64 million cubic metres. This equates to a minimum of four years of resource at SML’s current mining and processing capacities.

Lucapa’s Lulo in Angola is WhyAfrica’s Pick Of The Week

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Lucapa’s Lulo in Angola is WhyAfrica’s Pick Of The Week


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