Lucapa strikes diamond deal: Sells trio for $10.5m

Lucapa, an Australian mining company, has announced the successful sale of a parcel comprising three diamonds from its Lulo alluvial mine in Angola, fetching a total of $10.5 million at a recent tender
The 203-ct diamond
The 203-ct diamond

Lucapa, a prominent player in the mining industry, recently made headlines with its lucrative diamond deal, selling a parcel of three remarkable diamonds from its Lulo alluvial mine situated in Angola. The transaction, conducted through a tender facilitated by Sodiam, Angola's state-run diamond trader, resulted in a substantial revenue of $10.5 million for the Australian mining company.

What makes this sale noteworthy is not just the impressive sum it garnered but also the exceptional quality of the diamonds involved. The trio, boasting a collective weight of 361 carats, includes diamonds of considerable size and purity. Among them is a striking 203-carat diamond, which stands out as the fifth largest discovery and the 43rd gem exceeding 100 carats since Lucapa commenced commercial mining operations at the Lulo site back in January 2015.

Lucapa's CEO and managing director, Nick Selby, expressed satisfaction with the outcome of the tender, highlighting the industry's recognition of the superior quality of these Type IIa diamonds. The remarkable average price per carat of $29,000 underscores the continued buoyancy of the high-end segment within the diamond market.

This successful sale not only reflects Lucapa's expertise in diamond extraction and marketing but also underscores the potential of the Lulo mine as a significant contributor to Angola's diamond industry. With Lucapa holding a substantial 40% stake in the mine and the remaining shares divided between Angola's national diamond company, Endiama (32%), and private Angolan entity Rosas & Petalas (28%), the success of this recent tender bodes well for all stakeholders involved.

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