Lucapa’s Lulo Mine Resource Carats Up to 25%
Lucapa Diamond and partners Endiama and Rosas & Petalas announced on Monday an increase in the Lulo diamond mine reserve in Angola by 25% to 100,700 carats.
The miner said the total was more than five times Lulo’s 19,000 carat production in 2019, the fifth consecutive year of commercial alluvial land production.
The estimate also assumes that the average dollar per carat value for Lulo diamonds is $ 1,620, an increase of 14% over the previously modeled estimate of $ 1,420 per carat.
Total Lulo diamond sales to date have been $ 168 million with an average carat price of $ 1,900.
“The updated Lulo Diamond Resource is the result of another important workflow that the Lulo partners carried out in 2019 in parallel with the ongoing programs for alluvial mining and kimberlite exploration,” said Managing Director Stephen Whether all in the media release.
“The latest update also represents the highest number of carats that have ever been found in a Lulo diamond resource – after five years of alluvial mining exhaustion.”
