Lucapa registers positive performances at Angolan, Lesotho mines

ASX-listed Lucapa Diamond has recorded strong first-quarter performances at its 40%-owned Lulo mine, in Angola and 70%-owned Mothae mine, in Lesotho.
It said Lulo carats recovered up 12% to 5,227 carats compared to 4,655 carats in the first quarter of 2021.
The diamond recovered at Lulo included 50 stones greater than 10.8 carats, the largest of which was a 98-carat diamond.
Several fancy pinks and yellows were also recovered at Lulo.
Lulo sold 2,597 carats during the quarter generating $7.1 million at an average price of $2,735 per carat.
Lucapa also said diamonds produced at Mothae rose 55% to 8,145 during the quarter compared to 5,264 carats, a year earlier.
The diamonds produced at Mothae include 59 specials, the largest of which was a 124-carat low-quality stone.
Lucapa said Mothae sold 8,485 carats during the quarter for rough revenues of $5.9 million, with an average price of $693 per carat.
“The first quarter was underpinned by the continued rise in diamond prices to record index levels, positive operational performances and strengthening of Lucapa’s balance sheet,” said company managing director Stephen Wetherall.
“We believe the recent softening in diamond prices because of geopolitical influences will be temporary as the fundamentals of the natural diamond sector remain strong, with consumer demand forecast to outstrip available diamond supply.”
Lucapa’s attributable cash and receivables balance was up 41% to A$17.8 million in the first quarter compared to A$12.6 million, a year earlier.

Mathew Nyaungwa, Editor in Chief of the African Bureau, in Zimbabwe, Rough&Polished