Lucapa Diamond has reported significant progress in the renewal of the Lulo Kimberlite Exploration Joint-Venture Minerals Investment Contract (MIC), in which it is proposed for the ASX-listed company to receive a majority stake.
The new agreement proposes to increase Lucapa’s stake in the Lulo Kimberlite Exploration JV to a 51% controlling stake, up from the current 39% share.
State-owned diamond company Endiama currently owns a 51% stake in the Lulo Kimberlite Exploration JV, while the remaining 10% belongs to Rosas & Petalas.
Company managing director Nick Selby said the committee tasked with verifying the terms of the MIC and ensuring legal compliance, met in the Angolan capital, Luanda last week.
He said the committee is expected to finalise its discussion within 90 days from the meeting and submit a final report to the Angolan Minister of Mineral Resources before the signing of the new MIC.
The Lulo Kimberlite JV is an exploration programme to find the source of the alluvial diamonds that the partners are currently recovering in Angola.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
