Lucapa Diamond Company finalizes its mineral investment contract, increasing its stake in the Lulo joint venture to 51%. The agreement is pending approval from Angola’s Ministry of Mineral Resources. The focus remains on kimberlite exploration, with active sampling programs underway. CEO Alex Kidman emphasizes the significance of this development for shareholders. Lucapa is also planning to divest its interest in the Mothae diamond mine in Lesotho.
Lucapa Diamond Company, an Australian-listed entity, has successfully finalized its mineral investment contract (MIC) for the Lulo joint venture (JV) in Angola, raising its stake from 39% to 51%. This contract awaits formal endorsement from the Angolan Ministry of Mineral Resources and Petroleum. The focus of the Lulo JV remains on exploring kimberlites within the Lulo concession area.
The finalization of the contract followed a three-day meeting conducted in Angola, during which the MIC Committee along with JV partners Endiama and Rosas & Petalas reached an agreement on all remaining details. Alex Kidman, the managing director and CEO of Lucapa, expressed that securing a majority stake is a significant achievement as it will enhance the company’s share of future exploration successes. He emphasized the importance of the MIC’s finalization to the shareholders who have anticipated this progress.
Kidman further noted, “The progress with the MIC shows Angola’s commitment to Lucapa and to Lulo, as one of the highest profile diamond projects in the country; we look forward to continuing to work with our partners to find the source of Lulo’s incredible diamonds.” Currently, a kimberlite bulk sampling program is underway at the Lulo concession, with sampling occurring at L130/01 while preparations continue for processing samples from other promising areas, including L349, L137, and L130.
In a related development, in May 2024, Lucapa Diamond Company revealed intentions to divest a 70% interest in the Mothae diamond mine located in Lesotho, signaling its focus on optimizing operational interests and growth within its diamond exploration portfolio.
Lucapa Diamond Company’s completion of the mineral investment contract for the Lulo joint venture marks a pivotal milestone, enhancing its stake to a majority position of 51%. The collaboration reflects ongoing commitment and strategic efforts to explore and develop diamond resources in Angola. Furthermore, Lucapa’s future strategies include potential divestments to enhance its business operations in the diamond sector.
Original Source: www.mining-technology.com
