Lucapa Diamond Company Limited releasing the production figures of  the Lulo Diamond Project in Angola for the June 2018 Quarter (the Quarter), said that the mine had achieved record quarterly mining and treatment volumes, and generated  strong increases in diamond production, special recoveries and diamond inventories.

Lulo alluvial mining company Sociedade Mineira Do Lulo (SML) (of which Lucapa is 40% owner and operator) produced 5,058 carats of diamonds during the Quarter, thus marking an increase of 20% on the previous corresponding period.

“The total weight of Specials  produced during the Quarter was up 18% to 1,412 carats for an H1 2018 total of 2,838 carats (up 22%),” Lucapa said. “Specials recovered during the Quarter included the largest coloured diamond recovered to date from Lulo (46 carats) and three +70 carat diamonds.”

In terms of number of pieces, special (+10.8 carats) diamonds recovered at Lulo was up 7% to 61, “bringing to 118 the total number of Specials produced in H1 2018 (up 24%)”, the Company noted.

The Company attributed this increase in diamond  production  to a 27% rise in mining volumes to 72,671 bulk cubic metres – a  record quarterly result.

“SML held a diamond inventory of 2,755 carats at 30 June 2018, up 61% on the previous corresponding period,” the Company reported. “This inventory included several large high-value Special diamonds held over from the most recent diamond sale.” 

The inventory reported was after sales totalling US$ 5 million during the Quarter (up 6%) and US$ 15.9 million for H1 2018 (increase of 3%). These diamonds were sold at an average price per carat of US$ 1,479 for the Quarter and US$ 1,642 for H1 2018. “These positive sales revenues and prices were achieved notwithstanding the decision to withhold from sale the large high-value Specials referred to earlier,” Lucapa noted.

Pic Cap: Sample of Lulo diamonds sold during the June 2018 Quarter

Pic Courtesy: Lucapa Diamond Company Limited