Lucapa Diamond Company finalizes its mineral investment contract, increasing its stake in the Lulo joint venture in Angola to 51%. The agreement awaits signature from the Angolan Ministry of Mineral Resources. This move strengthens Lucapa’s position in the exploration of diamonds, with ongoing sampling programs at the Lulo concession. Additionally, Lucapa plans to divest a 70% interest in the Mothae diamond mine in Lesotho.
Lucapa Diamond Company, listed on the Australian Securities Exchange (ASX), has successfully finalized its mineral investment contract (MIC), raising its stake in the Lulo joint venture (JV) in Angola to 51%. This agreement is now awaiting formal approval from the Angolan Ministry of Mineral Resources and Petroleum. The Lulo JV is primarily focused on exploring kimberlites at the Lulo concession in Angola.
The increase in Lucapa’s stake from 39% to a majority share of 51% was made possible following a three-day meeting where the MIC Committee and JV partners, including Endiama and Rosas & Petalas, resolved outstanding details. Lucapa’s managing director and CEO, Alex Kidman, emphasized the importance of this development, stating that it will enhance their share of any exploratory success and that shareholders have long anticipated the MIC’s finalization.
Kidman highlighted that this progress signifies Angola’s commitment to Lucapa and the Lulo project, which is regarded as one of the country’s premier diamond ventures. He expressed eagerness to collaborate with partners in the search for the original source of Lulo’s exceptional diamonds. Currently, a kimberlite bulk sampling program is in progress at the Lulo concession, with valuable samples being collected from site L130/01, as well as plans to process samples from other significant locations.
In a separate development, Lucapa Diamond announced intentions to sell a 70% interest in the Mothae diamond mine located in Lesotho, facilitating further growth opportunities within their operations.
In conclusion, Lucapa Diamond Company’s acquisition of a majority stake in the Lulo JV marks a significant advancement for the company, enhancing its capacity to capitalize on potential exploration successes. With an ongoing kimberlite sampling program and strategic plans in place, Lucapa is well-positioned for future growth while reinforcing its commitments in Angola’s diamond mining sector.
Original Source: www.mining-technology.com
