Advanced Search

Lucapa Plans to Extend Mothae Mine Life

May 23, 2018 5:48 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Lucapa Diamond Company has upgraded its expectations for the Mothae mine in Lesotho after recovering a 25-carat yellow diamond at the asset.

The miner found the stone in the “neck zone,” a part of the mine that it had not accounted for in its resource estimate, the company said Tuesday. Lucapa also found a 6-carat diamond while carrying out trial processing of material from that area.

The miner will begin processing more samples from the neck, as well as from the north and southeast zone. In so doing, it aims to increase its estimate of the resources at Mothae, as well as extending its planned mine life, it added. The existing resource estimate for the asset — which it acquired last year for $9 million — exceeded 1 million carats.

Lucapa also sold 1,632 carats from its Lulo mine in Angola for $3 million at a recent tender, achieving an average price of $1,838 per carat, it said. The sale did not include a 46-carat pink diamond the miner recovered from the asset in May.
Tags: Angola, Lesotho, lucapa, Lucapa Diamond Company, Lulo, Lulo mine, Mothae, Mothae Mine, Rapaport News
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2020 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.