Lucapa toasts record quarter

LUCAPA Diamond Company says strong performances at its Mothae and Lulo mines led to a record September quarter of 14,610 carats produced.
Lucapa toasts record quarter Lucapa toasts record quarter Lucapa toasts record quarter Lucapa toasts record quarter Lucapa toasts record quarter

Diamonds from Lulo in Angola

Staff reporter

Mothae in Lesotho produced 7007ct, a new record and 30% ahead of plan.

The 70%-owned mine achieved commercial production in January.

The recovered diamond grade of 2.3ct per 100 tonnes for the quarter was 16% ahead of plan, while the record 298,726t treated was 11% ahead of plan.

Mothae produced 135 diamonds of more than 4.8ct in the quarter, including 39 specials.

At the 40%-owned Lulo concession in Angola, production was 7603ct, up 67% year-on-year and the second-highest result on record.

Lucapa said the strong production increase was primarily due to a significant increase in the recovered diamond grade of 10.5ct per 100 cubic metres as more material was processed from the new higher grade flood plain Mining Blocks 19 and 31.

Lulo produced 297 diamonds of more than 4.8ct, up 138% year-on-year, including 97 specials, up 111%.

Lucapa said it would soon provide an update on sales.

Shares in the company were up 3.7% to A14c. Euroz Securities has a 61c price target.