Image credit: Lucapa Diamond
Lucapa Diamond’s second quarter output at its 40%-owned Lulo alluvial project, in Angola eased 24% to 2,944 carats compared to 3,868 carats, a year earlier.
The carats recovered during the quarter were impacted by the State of Emergency implemented in Angola as a result of the COVID-19 pandemic.
It said the diamond recoveries during the quarter under consideration included 86 diamonds +4.8 carats.
The largest diamond recovered during the quarter was a 171-carat gem-quality stone recovered from Mining Block 06, making it the 15th +100 carat diamond recovered to date.
“A much improved third quarter is expected as Lulo ramped back to full production capacity at the end of the quarter,” it said.
Lucapa also said that Mothae remained on care and maintenance for the whole quarter due to the ongoing impact of the COVID-19 pandemic on the operation.
Meanwhile, the diamond junior said Lulo sold 3,346 carats of diamonds during the quarter for gross revenues of $2 million, achieving an average price per carat of $594 per carat.
The diamonds, it said, were sold into the cutting and polishing partnership with Lulo’s preferred buyer. Total sales year to date totalled 6,164 carats for $9.8 million or $1,583 per carat.
Lucapa also sold 3,962 carats of Mothae diamonds into a cutting and polishing partnership during the quarter for gross sale proceeds of $2 million, representing an average price of $505 per carat.
Total sales year to date totalled 10,268 carats for $4.1m or $402 per carat.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
