Perth, Western Australia, February 1, 2019 - Lucapa Diamond Company Limited (ASX: LOM, FSE: NHY, ISIN AU000000LOM6) („Lucapa“ or „the Company“), Empresa Nacional de Diamantes E.P. (“Endiama”), Rosas & Petalas, the Ministry of Petroleum and Natural Resources and Sodiam (state diamond marketing company), are pleased to announce the outcome of the first historic sale of exceptional diamonds under Angola’s new diamond marketing policy.
The seven large and top-quality diamonds weighing 498 carats from the Lulo alluvial mine that were offered for sale via electronic tender organised by Sodiam in Luanda achieved a total sales price of US$16.7 million (A$22.9 million), representing an average price of US$33,530 per carat.
The exceptional sale prices achieved for the Lulo diamonds reflected the highly-competitive bidding from leading international diamantaires and large stone manufacturers from eight countries that participated in the tender.
The seven Special Lulo diamonds in the historic Angolan tender organised by Sodiam
The sale marked the beginning of a new era for the Angolan diamond mining industry, being the first Angolan production offered for sale via competitive tender under the new diamond marketing policy enacted by the Angolan President, His Excellency Joao Lourenco.
The sale brought total sales of Lulo diamonds to date to US$141 million at an average price per carat of US$2,105.
A joint media release relating to the tender results was issued overnight in Angola. Lucapa will publish an official translation of this joint media release on the Company’s website as soon as it is available.
Lucapa is a growing diamond company with a portfolio of high-quality production, development and exploration assets in Angola, Lesotho, Australia and Botswana. The Company’s focus on high-value diamond production is designed to protect cash flows in a sector of the diamond market where demand remains robust.
Lucapa’s flagship asset is the Lulo Diamond Project in Angola, which is a prolific producer of large and premium-value alluvial diamonds. Lulo has produced 11 +100ct diamonds to date and is the highest US$ 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.
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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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