Lucapa Diamond Company Ltd, along with its respective project partners, reported its latest sales of diamonds from the Lulo alluvial mine in Angola and the Mothae kimberlite mine in Lesotho yielded total revenue of US$ 10.4 million, taking the total of combined sales to date in 2019 to US$ 45.9 million on a 100% basis.

A day earlier, the Company had released its production report for the quarter ended September 30, 2019, reporting a combined production of 14,610 carats, a quarterly group record.

Lulo

Giving details of the sale, Lucapa said that a total of 5,469 carats of Lulo diamonds sold for gross proceeds of US$ 5.9 million, representing an average price per carat of US$ 1,087. This took total sales of Lulo diamonds to date in 2019 to US$ 32.4 million at an average price per carat of US$ 2,155.

Lucapa clarified that these figures do not include the 46 carat pink diamond, which has been exported to Antwerp and is being assessed for polishing.

The company had earlier reported that the Lulo mine produced 7,603 carats in the Quarter, up 67% on the previous corresponding period (Q3 2018) and almost double the June 2019 quarterly result. The strong production increase was primarily due to a significant increase in the recovered diamond grade of 10.5 carats per 100 cubic metres as more material was processed from the new higher grade flood plain Mining Blocks 19 and 31.

Lulo produced 297 +4.8 carat diamonds during the Quarter (up 138% on the previous corresponding quarter) including 97 Specials (up 111%).

Mothae

Lucapa said that a total of 5,307 carats of Mothae diamonds sold for gross proceeds of US$ 4.4 million, representing an average price per carat of US$ 837 for all production and US$ 1,031 per carat for diamonds in the +11 sieve size fraction.

The 64 carat D-colour Type IIa stone included in the sale parcel became the first commercially produced diamond from Mothae to be sold for a price exceeding US$ 1 million.

The sales figures also include the 36 carat D-colour stone which was held over from the previous Mothae tender. This exceptional diamond has been sold into a cutting and polishing partnership with a leading international diamantaire.

The latest sale took total Mothae sales to date in 2019 to US$ 13.5 million at an average price per carat for all production of US$ 610 and US$ 750 for diamonds in the +11 sieve size fraction.

The mine, which commenced commercial production on 1 January 2019, produced 7,007 carats in the Quarter, which was 30% ahead of plan.

The recovered diamond grade of 2.3 carats per 100 tonnes for the Quarter was 16% ahead of plan, while the record 298,726 tonnes treated during the Quarter was 11% ahead of plan. Mothae produced 135 +4.8 carat diamonds in the Quarter including 39 Specials.

Pic caption: Diamonds from the Mothae sale parcel

Pic courtesy: Lucapa Diamond Company