ASX-listed Lucapa Diamond Company has reported the sale of 5,587 carats from the Lulo diamond mine in Angola, where it holds a 40% interest.
During the quarter ending September 30, the diamonds were sold at an average price of $3,033 per carat, generating $16.9 million in revenue.
Despite a shift in the mining plan due to late seasonal flooding, production at Lulo remained consistent with the same period in 2023. A lower recovered grade was compensated by processing a larger volume of gravel.
In the third quarter, Lucapa completed one river diversion and began a second to access higher-grade leziria (floodplain) gravels.
Managing Director Nick Selby stated, “Mining during the quarter consisted of both terrace and leziria blocks. Leziria mining ramped up after the late-season flooding in Q2.
We are encouraged by early results from Block 1 and look forward to further outcomes from higher-grade Block 6, known for its large, high-value diamonds. We anticipate a strong finish to the year.”
The Lulo mine is a joint venture between Lucapa, Endiama, and Rosas & Petalas.
Lucapa also reported the recovery of a 176-carat Type IIa diamond during the quarter, which was sold at tender post-period for $3 million, or $17,200 per carat.
Meanwhile, Lucapa completed the divestment of its 70% stake in the Mothae mine in Lesotho during the same quarter. Before the sale, Mothae produced 2,751 carats in July, and 4,186 carats were sold at an average price of $420 per carat, generating $1.8 million in revenue.
While the global diamond market continues to face soft conditions, Lucapa noted that Lulo’s large diamond population has maintained strong prices at recent tenders.
