9% Increase in Estimate of Rough Resources at Lulo
April 15, 25
(IDEX Online) - Australian miner Lucapa says an updated assessment indicates a 9 per cent increase in the rough resource at its Lulo alluvial mine, in Angola.
Independent consultants now estimate the mine's JORC Classified Inferred Alluvial Diamond Resource at 249,000 carats (up from 228,400 carats). The figure is a preliminary estimate of diamonds, based on limited sampling.
It's the seventh consecutive year in which resource carats have increased. The re-estimated volume of gravel available for mining has increased by 15 per cent, indicating eight more years of production at the deposit.
In the same report, South Africa-based experts Z Star Mineral Resource Consultants forecast a 17 per cent fall in modelled diamond value to an average $1,581 per carat, as of 31 December 2024.
Lucapa, which began commercial operations at Lulo in 2015, reported rough diamond sales of $54.5m during 2024, with an average diamond price of $1,980 per carat.
The company said last month it had secured a majority stake in the joint venture exploring for additional kimberlites at Lulo, a move will provide it with a larger share of any exploration achievements.
Pic shows Lulo alluvial mine.