Lucapa Diamond Company has recovered a 176-carat, type IIa rough from its Lulo alluvial mine in Angola.
The stone is the eighth-largest diamond to be discovered at Lulo since it began operations in 2015, Lucapa said Monday. It is also the fifth diamond over 100 carats retrieved so far this year.
The find follows that of a 195-carat, type IIa rough the miner dug up in May, and a 203-carat, type IIa it unearthed in March. In February, the company retrieved two type IIa stones, weighing 162.42 and 116.14 carats, on successive days. In total, Lucapa has produced 45 stones of more than 100 carats from Lulo.
“The recovery of this…diamond is yet more confirmation of the massive potential of the kimberlite province where we are focusing our exploration efforts to find the source(s) of these magnificent gems,” said Lucapa managing director Nick Selby. “The diamond has not traveled far, as it still displays sharp, angular edges.”
Separately, Lucapa reported revenue from Lulo slipped 14% year on year to $17.8 million in the second quarter, with sales volume falling 30% to 5,016 carats. A 23% jump in the average price to $3,551 per carat partly offset the slump. Production for the period that ended June 30 slid 44% to 4,562 carats as the company mined lower-grade, but higher-value ore from the terrace area. The mine experienced flooding of the blocks from which it had intended to gather ore, the company explained.
Lucapa also gave the final report from the Mothae mine in Lesotho, which it has since sold. Revenue from that deposit dropped 40% to $4.7 million from the sale of 7,950 carats of rough, a 1% decline from the same period a year ago. Meanwhile, the average price decreased 39% to $595 per carat. Output from the site grew 7% to 8,638 carats.
BRON: Rapaport 30-7-2024
