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Lulo Sees Double-Digit Sales Growth

Revenue up 58%, production rises 63% in second quarter.
Jul 5, 2017 5:31 AM   By Rapaport News
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Rough-diamond sales from the Lulo mine in Angola rose 58% in the second quarter, reaching $4.8 million, owner Lucapa Diamond Company reported Wednesday.

First-half sales slumped 41% to $15.4 million, partly because in the same period the previous year, the company sold a 404-carat rough diamond — the largest in Angolan history — for $16 million.

Meanwhile, second-quarter production at the project rose 63% to 4,203 carats as Lucapa significantly increased output. Mining volumes rose 55% to 57,283 bulk cubic meters, keeping the operation on track to reach the company’s target of 240,000 bulk cubic meters for the year, Lucapa said.

Production of large and high-value diamonds, for which Lulo is known, increased 97% to 57 stones, with the total weight of these “specials” — diamonds of 10.8 carats and above — jumping 76% to 1,199 carats. Among them were two diamonds weighing 50 carats or more, the company said.
Tags: Angola, large diamonds, lucapa, Lucapa Diamond Company, Lulo, Lulo mine, mining, Rapaport News, Rough Diamonds, Rough Production
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