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Lucapa Tender Yields $10M

Lulo and Mothae mines see surge in output.
Oct 16, 2019 3:46 AM   By Rapaport News
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RAPAPORT... Lucapa Diamond Company earned $10.4 million from its latest sale of rough stones, bringing its total for the year to date to $45.9 million.

The miner sold 5,469 carats from its Lulo mine in Angola for $5.9 million, at an average price of $1,087 per carat, it reported Thursday. This figure does not include a 46-carat pink diamond recovered last year that is currently being assessed for polishing.

In addition, the company sold a total of 5,307 carats from its Mothae mine in Lesotho, netting $4.4 million at an average price of $837 per carat. This is more than double the average achieved during its last tender, in August, largely due to the inclusion of a 36-carat, D-color stone and a 64-carat, D-color, type IIa diamond, which Lucapa held over from the earlier sale.

So far this year, Lulo rough has yielded $32.4 million, while Mothae stones have netted $13.5 million.

Production from Lulo rose sharply in the third quarter, with the mine recovering 7,603 carats, representing a 67% increase versus the same period in 2018.

The miner also produced a record 7,007 carats at Mothae — its highest quarterly result since commercial production began at the start of 2019.

Image: Rough diamonds from the Mothae sale parcel. (Lucapa Diamond Company)
Tags: Angola, Lesotho, lucapa, Lucapa Diamond Company, Lulo, mines, mining, Mothae, Rapaport News, rough, Rough Diamonds
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