Perth, Western Australia, August 8, 2019 - Lucapa Diamond Company Limited (ASX: LOM, FSE: NHY, ISIN AU000000LOM6) („Lucapa“ or „the Company“) and its respective project partners are pleased to announce the results from the latest sales of diamonds from the Lulo alluvial mine in Angola and the Mothae kimberlite mine in Lesotho. The latest sales from Lulo and Mothae take total sales from both mines to US$35.5 million (A$50.2 million) for the year to date on a 100% basis.
Lulo (Lucapa 40% and operator)
The run of mine parcel of 3,558 carats of Lulo diamonds sold for gross proceeds of US$4.4 million (A$6.3 million) representing an average price per carat of US$1,234 (A$1,768).
This took total sales of Lulo diamonds to date in 2019 to US$26.5 million at an average price per carat of US$2,764.
The latest sale did not include the high-value 46 carat Lulo pink diamond, which is being considered for cutting and polishing by the Lulo partners to capture margins from beyond the mine gate. Lulo alluvial mining company Sociedade Mineira Do Lulo (“SML”) is planning a second diamond sale in Q3 2019.
Run of mine Lulo production from the last sale.
Mothae (Lucapa 70%; Government of the Kingdom of Lesotho 30%)
The parcel of 4,376 carats of Mothae diamonds sold for gross proceeds of US$1.8 million (A$2.5 million). This represented an average price per carat of US$400 (A$579) for the run of mine production and US$475 (A$688) per carat for diamonds in the +11 sieve size fraction (*1).
The sale result was impacted by the decision to withhold from sale the highest-valued Mothae diamond in the tender – a 36 carat D-colour stone. This diamond is also being considered for cutting and polishing to capture margins from beyond the mine gate.
The latest sale took total Mothae sales to date in 2019 to US$9.0 million (A$12.9 million) at an average price per carat of US$539 (A$767) and US$661 (A$941) for the +11 sieve size fraction.
As set out in the ASX announcement of 6 August 2019, recent recoveries at Mothae have included a 64 carat D-colour Type IIa gem from the higher-margin southern pit. Mothae is planning the next diamond sale for late Q3 2019.
Mothae diamonds from the latest sale parcel.
Combined Lulo and Mothae 2019 sales to date
In line with the Company’s strategy of becoming a leading global producer of large and premiumquality diamonds from alluvial and kimberlite sources, 2019 diamond sales to date from the two mines operated by Lucapa (on a 100% basis) now total US$35.5 million (A$50.2 million) at an average price of US$1,347 (A$1,905) per carat.
Fußnote *1): As detailed in the ASX announcement of 27 February 2019, the efficiency of the new Mothae plant in treating the near surface weathered material has resulted in the liberation of additional diamonds, primarily small stones below the plant’s 3mm bottom cut-off screen size. These additional diamonds are in the -11 and below sieve size fractions. While these diamonds generate additional value, they do reduce the overall average US$ per carat price.
Lucapa is a growing diamond company with high-value mines in Angola and Lesotho. Lucapa’s vision is to become a leading global producer of large and premium-quality diamonds from alluvial and kimberlite sources. Lulo and Mothae produce large and high-value diamonds, with >75% of revenues from both mines generated from the recovery of +4.8 carat stones. Lulo has produced 13 +100 carat diamonds to date and is the highest average 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 exploration program. The new 1.1 Mtpa Mothae kimberlite mine in diamond-rich Lesotho commenced commercial diamond mining operations in January 2019 and has already recovered seven +50 carat diamonds under Lucapa’s ownership. Lucapa’s Board and management team have decades of 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.
Forward Looking Statements
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 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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