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Lulo Prices Slip in Angola’s Wet Season
May 16, 2017 10:10 AM
By Rapaport News
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RAPAPORT... The latest sale of rough from Lucapa Diamond Company’s Lulo asset
yielded an average price of $695 per carat — a drop from $1,317 at last month’s sale.
Total proceeds from the May sale amounted to $1.3 million for
1,878 carats, the company said Tuesday, adding that the Angola mine’s overall
average for the year to date was $1,747 per carat.
The value of goods sold was slightly lower than previous
parcels because the “special” diamonds — those above 10.8 carats — were of
lower quality than those at earlier sales, the miner explained. The goods came
from lower-grade mining block 28, where Lucapa had been focusing its operations
during the annual rainy period until ground conditions enable it to mine the
more lucrative areas again.
“With the Angolan wet season now over, Lucapa and its
partners expect to resume alluvial mining operations at the high-value mining blocks
later this month,” the company said.
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Tags:
Angola, Lucapa Diamond Company, Lulo, Lulo mine, mining block 28, Rapaport News
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