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Lucapa’s Lulo Sales Hit Quarterly Record

Jan 20, 2016 6:38 AM   By Rapaport News
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RAPAPORT... Lucapa Diamond Company reported revenues of $5.6 million (AUD 8.1 million) from three sales of diamonds from the Lulo Diamond Project in Angola in the fourth quarter that ended December 31.

The figure was the highest quarterly sales result achieved by the miner to date, the Perth, Australia-headquartered company said in a statement January 18. The average selling price was $1,468 per carat, the highest since mining commenced in January 2015.

The miner recovered 28 diamonds of 10.80 carats or more during the three months. The two largest gems weighed 74.50 and 66.30 carats. The average stone size increased 12.5 percent to 1.35 carats over the previous quarter.

Processing rates almost trebled to 82,410 bulk cubic meters in the second half of 2015 compared with the first half as additional earth-moving equipment enabled mining operations to be “scaled up.” However, processing rates in the fourth quarter decreased 13 percent sequentially to 38,401 bulk cubic meters because of a mechanical issue with the diamond plant’s dense-media separation module that impacted processing for two weeks, according to the company.

The miner’s full-year sales were $8.8 million, with an average price of $939 per carat.
Tags: Angola, Australia, Lucapa Diamond Company, Lulo, Lulo Diamond Project, mining, Rapaport News
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