Lucapa to Secure Majority Stake in Lulo Exploration JV
December 25, 24
(IDEX Online) - Lucapa says it's close to securing a majority stake in the joint venture (JV) exploring for additional kimberlites at the Lulo alluvial mine, in Angola.
It says acquiring a larger share from the Angolan government will increase its future share of a diamond exploration venture.
The Australian miner currently holds a 39 per cent interest in the Lulo Kimberlite Exploration Joint-Venture and is due to increase that holding to 51 per cent early in the new year.
Endiama, Angola's state-run national diamond company is majority joint venture owner at the moment with 51 per cent (Rosas & Petalas, the private Angolan company holds the remaining 10 peer cent).
The joint venture is currently searching for search for kimberlite sources within the vast concession.
Lulo commands the world's highest price per carat for alluvial diamonds.
"The committee has made strong progress and is on track to finalise the revised agreement in the new year," said Alex Kidman, Lucapa's managing director and CEO.
"This is an important development for Lucapa because it will increase our share of the diamond exploration venture to 51 per cent, giving Lucapa significantly more exposure to exploration success."
The Lulo mine is owned by Lucapa (40 per cent), Endiama (32 per cent) and Rosas & Petalas 28 per cent).
Pic of a high priority kimberlite site at Lulo, courtesy Lucapa.