Lucapa Diamond says the Joint Ore Reserves Committee (JORC) classified inferred alluvial diamond resource for the Lulo diamond concession in Angola has grown by 9% to 249,000 carats as of December 2024 compared to 228,400 carats in the prior period.It said this is the seventh consecutive year in which resource carats have increased.
However, Lucapa said the modelled diamond values decreased by 17% from $1,897 per carat in 2023 to $1,581 per carat on average in 2024.
The updated Lulo alluvial resource was estimated after taking into account the mining depletion to the end of 2024 by SML mining operations, during which time 25,341 carats of diamonds were recovered.
It also factored in extensive resource definition work involving 7,197 auger drill holes and 150 pits, including drilling in Mining Blocks 129 and 137 in the south as well as sales of diamonds during the year totalling $54.5 million at an average diamond price of $1,980 per carat.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
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