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Angola Mine Claims Highest-Value Diamonds

Jan 8, 2017 5:54 AM   By Rapaport News
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Lucapa Diamond Company claimed its Lulo mine in Angola achieved the highest price per carat for any run-of-mine diamond production in the world in 2016.

Sales reached $51 million at an average price of $2,983 per carat, the miner reported. The mine produced 269 ‘special’ rough diamonds, weighing 10.8 carats or more, compared with 86 a year ago. Total diamond output more than doubled to 19,833 carats from 8,394 carats in 2015.

In the fourth quarter, production more than doubled to 5,313 carats from 2,151 carats a year ago, while the number of specials increased to 79 from 28. Of these 79, four weighed more than 70 carats each and one weighed 54 carats. 

“With our XRT large diamond recovery circuit now fully operational, we look forward to continued recoveries of large top-tier diamonds and strong cash flows in 2017 as we step up our exciting kimberlite drilling and exploration programs, which will soon involve three drilling rigs,” said Stephen Wetherall, Lucapa’s chief executive officer (pictured).

Unsold inventory totaling 2,938 carats at the end of the fourth quarter will be included in the next sale of Lulo diamonds, scheduled for this month.
Tags: Angola, Average Price, diamond production, large diamonds, lucapa, Lucapa Diamond Company, Lulo, Lulo mine, mining, price per carat, Rapaport News, Rough Diamonds, Stephen Wetherall, XRT
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