Rapaport News



Rapaport Broadcast
Rapaport’s ‘State of the Diamond Industry’ Address
June 08 2020

Advanced search
Latest Articles
Rough Markets
Polished Markets

Lucapa Pegs Lulo Resources at $1,246/ct.

Mar 27, 2017 10:02 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share

The Lulo mine in Angola contains diamonds that are 54% more valuable than previously estimated, despite more than a year of resource depletion, according to the asset’s owner.

The estimated price of the diamonds in the mine grew to $1,246 per carat as of January 31, based on the latest modeling assessment, compared with an earlier estimate of $806 per carat in October 2015, Lucapa Diamond Company said in a statement on Monday.

During the 15 months between the two tests, the company mined and treated about 220,000 bulk cubic meters (bcm). It also carried out exploration, sampling and trial mining of existing and new alluvial blocks.

Total resources at the mine increased 10% to 606,600 cubic meters during the period, the company added, projecting that alluvial diamond mining would continue for more than four years at a rate of about 20,000 bcm per month.

Rough-diamond sale prices from the mine have exceeded the original resource estimate, with Lucapa garnering $2,983 per carat in 2016, the company pointed out. The standout find was a 404-carat rough diamond, which it extracted from the mine in February 2016 and which sold later that month for $16 million, or $39,580 per carat.

The report follows Lucapa’s announcement last week that the resource estimate for its newly acquired Mothae mine in Lesotho was $1,063 per carat.
Tags: Angola, Lesotho, lucapa, Lucapa Diamond Company, Lulo, mines, mining, Mothae, Rapaport News, Rough Diamonds
Similar Articles
Alrosa Inter International mineVirus Cases Force Shutdown at Alrosa Mine
Jun 25, 2020
Alrosa has suspended operations at its International underground mine for...
Letšeng Yields 163ct. Yellow Diamond
BlueRock Counts Cost of Coronavirus
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us