Lucapa Diamond Company Secures Majority Stake in Lulo Joint…

Lucapa Diamond Company has finalized a mineral investment contract to increase its stake in the Lulo joint venture to 51%. This contract, awaiting approval from the Angolan authorities, enhances Lucapa’s involvement in diamond exploration. Ongoing bulk sampling at Lulo continues as the company prepares for further developmental projects.

Lucapa Diamond Company, listed on the Australian Securities Exchange (ASX), has successfully finalized its mineral investment contract (MIC) for the Lulo joint venture (JV) in Angola, raising its ownership stake from 39% to 51%. This contract now awaits formal approval by the Angolan Ministry of Mineral Resources and Petroleum. The Lulo JV is primarily engaged in the exploration of kimberlite materials within the Lulo concession in Angola.

The agreement on the MIC was reached during a three-day meeting in Angola, where the MIC Committee and the joint venture partners – including Endiama and Rosas & Petalas – collaborated on the remaining details. Lucapa’s managing director and CEO, Alex Kidman, emphasized that securing the majority stake is a crucial achievement, enhancing the company’s share of exploration successes.

Kidman also expressed gratitude for the support from shareholders, acknowledging that the contract’s finalization had been long anticipated. He noted Angola’s commitment to Lucapa and the Lulo project, which is regarded as one of the most prominent diamond ventures in the nation, and expressed eagerness to continue the collaborative search for the source of Lulo’s exceptional diamonds.

Currently, the Kimberlite bulk sampling program is in progress at the Lulo concession, with samples being stockpiled from site L130/01. The program also plans to process additional samples from other promising locations, including L349, L137, and L130. Furthermore, in May 2024, Lucapa Diamond announced intentions to divest a 70% interest in the Mothae diamond mine located in Lesotho.

Lucapa Diamond Company has successfully increased its stake in the Lulo JV to 51% following the finalization of a mineral investment contract, pending ministerial approval. This milestone signifies Lucapa’s significant involvement in the exploration of kimberlites in Angola. With ongoing sampling programs and collaborative efforts with partners, Lucapa aims to further enhance its position within the diamond mining industry.

Original Source: www.mining-technology.com