RapNet


Rapaport News

 

Mining

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

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Lucapa Raises $3.6M for Lulo Kimberlite Hunt

Proceeds from sale of new shares will help company search for source of its high-value alluvial diamonds.
Jun 3, 2020 8:11 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Lucapa Diamond Company has completed a sale of new shares that successfully raised AUD 5.25 million ($3.6 million) to fund its search for the kimberlite source of its high-value alluvial stones.

The proceeds of the rights issue will help the miner excavate and process the first kimberlite samples from the Lulo area in Angola, where the company’s alluvial mine has produced several large diamonds in recent years. Lucapa will also use the money to preserve the mining assets it suspended because of the Covid-19 pandemic, as well as for other company expenses, it said Wednesday.

Lucapa offered investors an extra share for every five they already owned, pricing each new share at AUD 0.05 ($0.03).

“During such unprecedented times, we were both delighted and appreciative to see such a strong show of support for our plans and strategies in the diamond sector, resulting in the maximum amount of [AUD] 5.25 million being raised,” said Lucapa managing director Stephen Wetherall.

Image: The Lulo alluvial mine. (Lucapa Diamond Company)
Tags: alluvial diamonds, alluvial mining, Angola, COVID-19, kimberlite, lucapa, Lucapa Diamond Company, Lulo, mining, Rapaport News, rough, Rough Diamonds, Stephen Wetherall
Similar Articles
Gem Diamonds 163 yellow 150Letšeng Yields 163ct. Yellow Diamond
Jun 25, 2020
Gem Diamonds has recovered a 163-carat, type I yellow diamond at its...
BlueRock Counts Cost of Coronavirus
Eira Thomas Confident Lucara Can Navigate Crisis
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