Lulo June Quarter production to 5,058 carats

Lucapa Diamond provides an update on diamond mining operations in the June 2018 Quarter at the Lulo Diamond Project in Angola & says, Lulo alluvial mining produced 5,058 carats of diamonds during the Quarter, an increase of 20% on the previous corresponding period.

 

Lulo continued to regularly produce large and premium-value diamonds during the Quarter, with the number of Special diamonds recovered up 7% to 61, bringing to 118 the total number of Specials produced in H1 2018 (up 24%). The total weight of Specials produced during the Quarter was up 18% to 1,412 carats for an H1 2018 total

of 2,838 carats (up 22%).

 

Specials recovered during the Quarter included the largest coloured diamond recovered to date from Lulo (46 carats) and three +70 carat diamonds. The diamond production increases were generated from a 27% rise in mining volumes to 72,671 bulk cubic metres – a record quarterly result.

 

SML held a diamond inventory of 2,755 carats at 30 June 2018, up 61% on the previous corresponding period. This inventory included several large high-value Special diamonds held over from the most recent. This inventory was after sales totalling US$5 million during the Quarter (up 6%) and US$15.9 million for

H1 2018, an increase of 3%.

 

These diamonds were sold at an average price per carat of US$1,479 for the Quarter and US$1,642 for H1 2018. These positive sales revenues and prices were achieved notwithstanding the decision to withhold from sale the large high-value Specials referred to earlier.

 

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