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Lucapa Secures Angola Exploration Permit

Nov 28, 2016 5:17 AM   By Rapaport News
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Lucapa Diamond Company said it received a license to explore at the Lulo Diamond Project in Angola for another five years.

Angola’s Minister of Mines and Geology Francisco Manuel Monteiro de Queiroz signed off the approval, which applies to the entire 3,000 square kilometer Lulo site. The decision enables Lucapa and its local partners, Rosas & Petalas and the state-owned company Endiama, to finalize an investment contract.

Lucapa stepped up its kimberlite exploration program at Lulo in “anticipation of the new license,” with two rigs now drilling the priority kimberlite targets and a third rig due to arrive in Angola in December. The company will also conduct a “time-domain electromagnetic survey” to help identify further targets and improve the definition of known targets.

The approval follows an alluvial mining license that Lucapa got in November 2014 and “is further evidence of a strong working relationship between the Lulo partners and Angolan government,” Lucapa said.

The Lulo mine has been credited with the production of several large rough diamonds, including the biggest in Angola’s history that fetched $16 million in February.
Tags: Angola, ENDIAMA, exploration, Francisco Manuel Monteiro de Queiroz, lucapa, Lucapa Diamond Company, Lulo, Lulo Diamond Project, mining, Minister of Mines and Geology, Rapaport News, Rosas & Petalas
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