Australia-listed Lucapa Diamond Company has finalized its Mineral Investment Contract (MIC) for the Lulo Joint Venture (JV) in Angola, increasing its ownership stake to 51%.
During a three-day meeting in Angola, the MIC committee and JV partners—including Endiama, Rosas & Petalas, and Lucapa—agreed on all outstanding details.
The final agreement has now been submitted to the Angolan Ministry of Mineral Resources and Petroleum for formal signing.
A signing ceremony is expected soon, with Lucapa set to provide an update once a date is confirmed.
Lucapa Managing Director and CEO Alex Kidman emphasized the significance of securing a majority stake in the Lulo exploration JV.
“This is a pivotal outcome for Lucapa as it increases our share in any future exploration success. The finalization of the new MIC is something our shareholders have been anticipating for a long time.
I’d like to thank the MIC committee for its commitment to completing this process, which I have been determined to settle since becoming CEO.”
Kidman also underscored Angola’s commitment to Lucapa and the Lulo project, which remains one of the country’s most significant diamond ventures.
“We look forward to continuing to work with our partners to uncover the source of Lulo’s extraordinary diamonds.”
With the MIC in place, Lucapa is positioned to strengthen its presence in Angola’s diamond sector, furthering exploration and development at Lulo.
