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Wednesday 15 November, 2017

Lucapa Diamond Co

Lulo Production Update

RNS Number : 5441W
Lucapa Diamond Company Limited
15 November 2017
 

 

 

 

 

 

ASX Announcement                                                                                                                                               15 November 2017

 

 

LULO PRODUCTION UPDATE

 

-    Record monthly treatment rate of 29,657 bcm for October 2017 leaves Lulo on target to exceed the record 2017 annual production target of 240,000 bcm

-    49 large Special diamonds produced at Lulo in October, the second highest monthly total on record

 

 

Lucapa Diamond Company Limited (ASX: LOM) ("Lucapa" or "the Company") and its partners Empresa Nacional de Diamantes E.P. ("Endiama") and Rosas & Petalas are pleased to provide an update on diamond mining operations at the Lulo Diamond Project in Angola.

 

Lulo, through alluvial mining company Sociedade Mineira Do Lulo (Lucapa 40% and operator) achieved a monthly treatment record of 29,657 bulk cubic metres ("bcm") of alluvial gravels in October 2017. The year to date total (10 months to end of October) of 217,999 bcm already exceeds the 2016 calendar year total of 189,333 bcm, leaving the Lulo partners well on track to exceed the record targeted treatment rate of 240,000 bcm for the 2017 calendar year.

 

Lulo's ability to regularly produce large diamonds was again underlined in October, with a total of 49 Specials (diamonds weighing more than 10.8 carats) recovered from Mining Blocks 8 and 6. This represents the second highest number of Specials ever produced in a month at Lulo.

 

These specials contributed to a 22.3 per cent increase in diamond production for the month of October to 2,905 carats.

 

Special diamond recoveries have continued into November, including the exceptional 129.5 carat and 78.6 carat Type IIa D-colour gems announced to the ASX on 13 November 2017.

 

 


 

FY

2015

 

FY

2016

 

Month

Oct 17

YTD

2017

(to Oct 17)

Treated m3 (bulked)

112,587

189,333

29,657

217,999

Carats Recovered

8,394

19,833

2,905

16,484

Grade Recovered (cphm3)

7.5

10.5

9.8

7.6

No of Stones Recovered

7,625

11,709

1,728

11,795

Number of Specials Recovered

86

269

49

212

 

 

For and on behalf of the Lucapa Board.

 

STEPHEN WETHERALL

MANAGING DIRECTOR

 

 

ABOUT LUCAPA       

Lucapa Diamond Company Limited is a growing diamond company with a portfolio of high-quality production, development and exploration assets in Angola, Lesotho, Botswana and Australia. The Company's focus on high-value production is designed to protect cash flows as pricing in this sector of the diamond market remains robust.

 

Lucapa's flagship asset is the Lulo Diamond Project in Angola, which produced the highest $ per carat price of any run of mine diamond production in the world in 2016 and continues to produce some of the largest diamonds on record from that region. Lucapa and its Lulo partners are also well-advanced in their search for the primary source of these large and premium-value alluvial diamonds, with three rigs now available to drill priority kimberlite targets.

 

In keeping with the Company's growth strategy, Lucapa has secured a 70% interest in the advanced, high-quality Mothae kimberlite project in Lesotho, which is located in the heart of the world's highest-value cluster of kimberlite mines. Lucapa plans to commence production at Mothae in H2 2018.

 

Lucapa has also defined drilling targets at two earlier-stage diamond projects - Brooking in the West Kimberley lamproite province in Western Australia and Orapa Area F in Botswana's Orapa diamond field.

 

Lucapa's Board and management team have extensive diamond industry experience with companies including De Beers, Rio Tinto and Gem Diamonds. The Company was included in the ASX All Ordinaries Index in March 2017.

 

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 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 or any of the forward-looking statements in this document or any changes in events, conditions or circumstances on which any such forward-looking statement is based.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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