No lull for Lucapa with 100+ carat diamond discovery

The 138-carat diamond is the seventh diamond of more than 100 carats found in 2021 and is estimated to be worth around $US170,982 ($221,275), at $US1239 per carat.

The discovery is the 24th of its kind by Sociedade Mineira Do Sulo (SML), a mining partner of Lucapa.

The discovery follows a $US5 million ($6.38 million) sale of diamonds found at Lulo, pushing Lucapa’s sales for 2021 to $US27.5 million

Lucapa’s strong start to 2021 is thanks to an update to its JORC (joint ore reserves committee) inferred resource for the Lulo mine in March. Since then, the company has seen a run of diamond sales on track to break records.

The diluted volume increased by more than 70 per cent and the total area of the mine increased by 25 per cent.

Lucapa managing director Stephen Wetherall said the company’s recent increase in diamond discoveries was extremely promising.

Lucapa commenced diamond production at Lulo in 2015 through alluvial mining company Sociedade Mineira Do Lulo (SML).

“The increases in the Lulo diamond resource over the last few years is a direct result of disciplined investment in the alluvial exploration and delineation programs by SML ),” Wetherall said.

“The 35 per cent increase in carats to almost 136,000 carats is a new record for carats in the Lulo diamond resource notwithstanding six years of mining depletion.”

Lucapa sold more than $US40 million worth of diamonds last year. In March 2021, Lucapa also sold a 5619-carat parcel of rough diamonds for $US5.9 million at $US1050 per carat.