Lucapa Wants to Increase Lulo Project Stake
November 28, 19
(IDEX Online) - Lucapa Diamond Company has confirmed that it has been holding advanced discussions with the Angolan Ministry of Mineral Resources and Petroleum and Angola's national diamond company Endiama E.P. to secure a majority stake in the Project Lulo joint venture. Lucapa holds a 39-percent interest in the Angolan project and is the operator of the kimberlite exploration joint venture. The remainder is held by Endiama (51%) and Rosas & Petalas (10%). The kimberlite exploration program aims to identify the primary hard-rock source or sources of the alluvial diamonds being mined by Lucapa and its partners at Lulo, which have achieved average run of mine sale prices of over $1,900 per carat. Lucapa said it hopes to conclude those discussions in the first quarter of 2020.