A$8.8M from Lulo and Mothae diamond sales
Lucapa Diamond Company announces the results from the latest sales of diamonds from the Lulo alluvial mine in Angola and the Mothae kimberlite mine in Lesotho. The latest sales from Lulo and Mothae take total sales from both mines to US$35.5 million (A$50.2 million) for the year to date (YtD) on a 100% basis.
Lulo: The run of mine parcel of 3,558 carats of Lulo diamonds sold for gross proceeds of US$4.4 million (A$6.3 million) representing an average price per carat of US$1,234 (A$1,768). This took total sales of Lulo diamonds to date in 2019 to US$26.5 million at an average price per carat of US$2,764.
The latest sale did not include the high-value 46 carat Lulo pink diamond, which is being considered for cutting and polishing by the Lulo partners to capture margins from beyond the mine gate. Lulo alluvial mining company Sociedade Mineira Do Lulo is planning a second diamond sale in Q3 2019.
Mothae: The parcel of 4,376 carats of Mothae diamonds sold for gross proceeds of US$1.8 million (A$2.5 million). This represented an average price per carat of US$400 (A$579) for the run of mine production and US$475 (A$688) per carat for diamonds in the +11 sieve size fraction1.
The sale result was impacted by the decision to withhold from sale the highest-valued Mothae diamond in the tender – a 36 carat D-colour stone. This diamond is also being considered for cutting and polishing to capture margins from beyond the mine gate.
The latest sale took total Mothae sales to date in 2019 to US$9.0 million (A$12.9 million) at an average price per carat of US$539 (A$767) and US$661 (A$941) for the +11 sieve size fraction. As set out in the ASX announcement of 6 August 2019, recent recoveries at Mothae have included a 64 carat D-colour Type IIa gem from the higher-margin southern pit. Mothae is planning the next diamond sale for late Q3 2019.
In line with the Company’s strategy of becoming a leading global producer of large and premium quality diamonds from alluvial and kimberlite sources, 2019 diamond sales to date from the two mines operated by Lucapa now total US$35.5 million (A$50.2 million) at an average price of US$1,347 (A$1,905) per carat.
