Perth, Western Australia, December 7, 2018 - Lucapa Diamond Company Limited (ASX: LOM, FSE: NHY, ISIN AU000000LOM6) („Lucapa“ or „the Company“) and its partners, Empresa Nacional de Diamantes E.P. („Endiama“) and Rosas & Petalas, are pleased to announce that diamonds from the Lulo mine in Angola will feature in an historic inaugural international tender under Angola’s new diamond marketing laws just approved by the President of Angola, His Excellency Joao Lourenco, and the Council of Ministers.
As such, Sociedade Mineira Do Lulo (“SML”) will showcase and sell the seven large and exceptional Lulo diamonds it has in inventory through an exceptional stone tender to be held in the offices of Sodiam (Angolan state diamond marketing company) in Luanda in January 2019. The tender will mark a significant milestone for the Angolan diamond mining industry, being the first Lulo diamonds offered for sale at international tender under Angola’s new diamond marketing policy.
The Lulo partners, in conjunction with Sodiam, will invite major international diamantaires and large stone manufacturers to participate in this inaugural tender of Lulo’s exceptional diamonds.
46 carat pink
Six top colour white diamonds to be sold at international tender in January 2019 can be seen here - page 2.
The new diamond marketing policy is among the measures being introduced by new Angolan President, His Excellency Joao Lourenco, with the express aim of increasing foreign direct investment into Angola’s diamond sector.
The seven Lulo diamonds to be offered at tender include Type IIa D-colour white gems of up to 114 carats and a 46 carat pink. These diamonds were held in inventory by SML in anticipation of the new marketing policy being introduced (Refer ASX announcement 29 October 2018).
The Lulo partners had originally expected the diamonds would be sold in the December 2018 Quarter. However, while meeting the timetable was achievable, it has been subsequently proposed and agreed that significant additional buying interest would be generated from holding the inaugural international tender in January 2019, when diamond pricing is traditionally stronger.
Lucapa Managing Director Stephen Wetherall said he was delighted that the Lulo tender would be the first conducted under Angola’s new marketing policy. “Lucapa and its partners are extremely excited and proud that diamonds from our Lulo mine have been selected to start a new chapter in Angola’s diamond mining history. The world’s leading diamantaires will be invited to Lulo’s exceptional diamond tender as Angola and Lulo begin to showcase diamonds to the international diamond community.”
Lucapa is a growing diamond company with a portfolio of high-quality production, development and exploration assets in Angola, Lesotho, Australia and Botswana. The Company’s focus on high-value diamond production is designed to protect cash flows in a sector of the diamond market where demand remains robust.
Lucapa’s flagship asset is the Lulo Diamond Project in Angola, which is a prolific producer of large and premium-value alluvial diamonds. Lulo has produced 11 +100ct diamonds to date and is the highest US$ per carat alluvial diamond production in the world. Lucapa and its Lulo partners continue to advance their search for the primary kimberlite sources of these exceptional alluvial gems through a systematic drilling and exploration program.
Lucapa has a 70% interest in the Mothae kimberlite mine in diamond-rich Lesotho. Lucapa has commenced commercial diamond recoveries at Mothae through a new 1.1Mtpa diamond treatment plant, complete with XRT recovery technology, under its Phase 1 development program.
Lucapa is also furthering two exploration projects in known diamond provinces, including an extensive exploration program at Brooking in the West Kimberley lamproite province in Western Australia to follow up on the discovery of lamproite with very high concentrations of micro- and macro-diamonds. Lucapa plans to drill kimberlite targets at the Orapa Area F project in Botswana’s Orapa diamond field in Q1 2019.
Lucapa’s Board and management team have extensive diamond industry experience across the globe with companies including De Beers and Gem Diamonds.
No New Information
To the extent that announcement contains references to prior exploration results and Mineral Resource estimates, which have been cross referenced to previous market announcements made by the Company, unless explicitly stated, no new information is contained. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
This announcement has been prepared by the Company. This document contains background information about the Company and its related entities current at the date of this announcement. This is in summary form and does not purport to be all inclusive or complete.
Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this announcement. This announcement is for information purposes only. Neither this document nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction.
This announcement may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction.
This document does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this representation are not intended to represent recommendations of particular investments to particular investments to particular persons.
Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.
No responsibility for any errors or omissions from this document arising out of negligence or otherwise is accepted. This document does include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of the Company. Actual values, results, outcomes or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and ASX Listing Rules, the Company does not undertake any obligation to update or revise any information.
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