Resources increase at Lucapa’s Lulo
Diamond miner Lucapa has reported a 35% increase in the resource carats at its Lulo diamond mine, in Angola.
The company said on Tuesday that the project is now estimated to host some 135 900 ct at a modeled average diamond value of $1 440/ct. This was up from the previous estimation of 100 700 ct at a modeled value of $1 620/ct.A
The updated resource accounted for mining depletion to the end of December 2020, during which time some 23 600 ct of diamonds were recovered, as well as the delineation of new or additional resources and improved knowledge of existing resource areas through a 4 800 hole auger drilling and 770 hole pitting programme.
“The increases in the Lulo diamond resource over the last few years is a direct result of disciplined investment in the alluvial exploration and delineation programmes,” said Lucapa MD Stephen Wetherall.
“The 35$ increase in carats, to some 135 000 ct is a new record for carats in the Lulo diamond resource, notwithstanding six years of mining depletion. This year’s update too highlights the valuable contribution of the newly delineated areas which have provided a stream of top-quality recoveries.”
To date, some 112 000 ct of diamonds have been recovered at Lulo and sold for $200-million, at an average price of $1 790/ct.
