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Wet Season Dampens Lulo Prices

Jun 19, 2017 7:53 AM   By Rapaport News
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Lucapa Diamond Company garnered $950,000 (AUD 1.25 million) in a sale of rough diamonds from its Lulo alluvial mining project in Angola.

The company’s fifth sale of the year fetched $770 per carat for the 1,236 carats on offer, Lucapa said Monday.

While this sale’s average price was higher than last month’s, which came to $695 per carat, it was still lower than in previous months. Total proceeds from Lulo diamonds to date in 2017 amount to $15.4 million at an average price of $1,620 per carat.

Diamonds for the latest sale, as well as for the previous sale in May, were from mining block 28, a lower-grade part of Lulo that Lucapa had been mining during the rainy period until ground conditions enabled it to access the more lucrative parts again. Mining has now returned to these higher-value mining blocks, 8 and 6, following the end of the wet season, Lucapa reported.
Tags: alluvial mining, Angola, Angolan wet season, lucapa, Lucapa Diamond Company, Lulo, Lulo mine, mining block 28, Rapaport News
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