Lucapa Announces $7 Million Captial Investment at Lulo

(IDEX Online News) – Lucapa Diamond Company Limited announced it has committed to a $7 million capital development and upgrade at Lulo, following the incorporation of Sociedade Mineira do Lulo (SML).

Lucapa said that the capital investment will be used for new Caterpillar earth moving equipment, vehicles for both the alluvial diamond mining and kimberlite exploration programs and camp upgrades.

The company said that work expatriate work permits for several senior operational roles had received preliminary approval, with the result that Lucapa expects the kimberlite drilling process on the high-priority L259 kimberlite target to begin later in the June 2016 quarter. The company had previously hoped that drilling would begin in April.

Lucapa also announced that it and its partners signed off on a three-year kimberlite exploration program at Lulo, which will subsequently be submitted to the Angolan ministry of geology and mines.