Lucapa Secures Majority Stake in Lulo Exploration JV
March 23, 25
(IDEX Online) - Australian miner Lucapa has secured a majority stake in the joint venture (JV) exploring for additional kimberlites at the high-value Lulo alluvial mine, in Angola.
Lucapa says it had increased its stake from 39 per cent to 51 per cent following a three-day meeting in Angola. Endiama, the national diamond company, held a 51 per cent majority stake before the deal.
Rosas & Petalas, the private Angolan partner, retains a 10 per cent stake.
The move will provide Lucapa with a larger share of any exploration achievements.
"Securing a majority stake of the Lulo exploration JV is a pivotal outcome for Lucapa because it will deliver us an increased share of any exploration success and the finalisation of the new mineral investment contract is something a number of our shareholders have been awaiting for a long time," said Lucapa managing director and CEO Alex Kidman.
The Lulo JV is exploring kimberlite formations within the vast 3,000km2 Lulo concession, which currently commands the world's highest price per carat for alluvial diamonds.
More than 560 geophysical anomalies identified, most of which have proven to be kimberlite when drilled.
A kimberlite bulk sampling plant was commissioned in 2022 to speed uphe sampling program. To date, 16 of the kimberlites sampled have proven to be diamondiferous. The most significant, L164, has yielded 64 diamonds totaling 82.37 carats.
Pic of a high priority kimberlite site at Lulo, courtesy Lucapa.