Lucapa, an Australia-based diamond miner, under the helm of its newly appointed chairperson, Stuart Brown, sees Angola as the primary target for diamond exploration globally.
Brown, a former De Beers CFO and interim CEO, emphasized Angola’s potential in Lucapa’s strategic direction, citing its largely unexplored diamond-rich provinces as key exploration targets.
The company’s 15-year presence in Angola, particularly through its Lulo operation, has been marked by significant success in alluvial diamond production.
Brown highlighted Lulo’s remarkable performance in fetching top prices for its diamonds, with sales totaling approximately half a billion dollars over the past decade and a half.
Angola’s efforts to foster a favorable investment climate have not gone unnoticed, with industry giants like Rio Tinto and De Beers returning to the country.
This trend aligns with the recent improvement in Angola’s ranking on the Fraser Institute investment attractiveness index, moving up to forty-seventh out of 86 countries surveyed in 2023.
Lucapa remains committed to discovering primary kimberlite sources in Angola, boasting one of the world’s most active kimberlite bulk sampling programs in the country.
Brown emphasized the long-term nature of kimberlite exploration but highlighted significant progress thanks to capital investments in dedicated sampling infrastructure.
While Angola takes center stage in Lucapa’s strategy, the company also maintains interests in Australia, particularly through its Merlin project in the Northern Territory and the Brooking project in Western Australia.
Additionally, Lucapa has initiated divestment efforts for the Mothae diamond mine in Lesotho and has chosen not to renew its lease in Botswana.
Regarding the divestment process for Mothae, MD and CEO Nick Selby reported positive progress, with several interested parties accessing the data room. Despite early stages, Selby expressed optimism about the ongoing efforts.
