Lucapa Diamond Company Limited has confirmed that it is in “advanced discussions” with the Angolan Ministry of Mineral Resources and Petroleum and Angola’s national diamond company Endiama E.P. in order to secure a majority stake in the Project Lulo joint venture (JV). Lucapa has expressed its hope that discussions will be concluded by Q1 2020.  

The partners in the JV, which currently holds the primary (kimberlite) exploration licence for the 3,000 sq km Lulo diamond concession in Angola, are: Lucapa Diamond Company Limited (39%), which is also the operator of the project;  Endiama (51%) and Rosas & Petalas (10%).

 “The kimberlite exploration programme aims to identify the primary hard-rock source or sources of the exceptional alluvial diamonds being mined by Lucapa and its partners at Lulo, which have achieved average run of mine sale prices of >US$ 1,900 per carat,” Lucapa stated.