Lucapa Diamond produced 4,891 carats at its 40%-owned Lulo alluvial project, in Angola during the first quarter of the year, a 45% jump compared to 3,369 carats, a year earlier.
The diamonds recovered during the period under review included 136 diamonds +4.8 carats which in turn included 42 Specials.
Volume processed was 21% higher than the comparative period in 2019, making it a new quarterly record for Lulo.
Image credit: Lucapa Diamond
“Increased fleet capacity as a result of the completed expansion program offset the adverse impacts of record rainfall totalling 984mm during the quarter and slowed activities following the declaration of the National State of Emergency,” said Lucapa.
The ASX-listed diamond junior said it sold 2,818 carats of run of mine diamonds during the quarter for gross revenues of $7.8 million achieving an average price per carat of $2,758, continuing to evidence Lulo’s status as one of the world’s highest average US$ per carat diamond resources.
Lulo held a diamond inventory of 3,037 carats at the end of the quarter.
Meanwhile, Lucapa said its 70%-owned Mothae mine in Lesotho produced 6853 carats in the first quarter of the year, which was 1% down compared to 6,910 carats, the previous year.
It also sold 6,306 carats of Mothae diamonds for gross sale proceeds of $2.1 million, representing an average price of $338.
Mothae held a diamond inventory of 4,780 carats at the end of the quarter.
A care and maintenance programme is being implemented at Mothae to ensure the asset is preserved and well positioned to recommence mining operations when health protocols permit and the global markets recover, it said.
Lucapa, its partners and Lulo management are also working with the authorities to re-commence normal mining activities when health protocols permit and the global markets recover.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
