Lucapa Diamond, which has a 40% stake in the Sociedade Mineira Do Lulo (SML) in Angola, received dividends of A$2.1 million during the first quarter of 2023.
It said the development loan owing to Lucapa from SML decreased to A$18.6 million as of 31 March 2023 from A$33.6 million a year earlier mainly because of SML repaying a large part of its development loan.
However, the development loan owing by Mothae to Lucapa increased from A$54.5 million as of 31 March 2022 to A$76.7 million as of 31 March 2023, largely because of the interest accrued on the loan.
Meanwhile, Lucapa said SML recovered 7,165 carats during the quarter, a 37% increase over the corresponding prior year period.
These diamond recoveries included 88 Special sized diamonds with the largest diamond recovered, a 150-carat Type IIa D coloured stone, it said.
Two parcels, with a combined total of 7,162 carats were sold in the first quarter for $12.6 million.
It recorded rough diamond revenues of $12.6 million from Lulo and an average diamond price of $1,759 per carat.
Lucapa also said that its 70%-owned Mothae in Lesotho recovered 7,486 carats at an average grade of 2.3cpht during the quarter.
Diamond recoveries included 52 special-sized diamonds, with the largest diamond recovered an 86-carat stone.
It said the average diamond price of $887 per carat achieved during the Quarter was 28% higher than the corresponding prior year period.
Lucapa managing director Stephen Wetherall said despite record carat production last year, the Lulo JORC classified inferred alluvial diamond resource increased by 2% to 154,000 carats.
“At Mothae, there are positive early indications of the benefits from the plant flow sheet changes made to increase both capacity and revenue/ hour with a new record set in March for monthly volume processed,” he said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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