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Lucapa Diamonds Prepares 371-Cts. From Lulo for Tender

Feb 26, 2014 3:09 PM   By Jeff Miller
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RAPAPORT... The Lucapa Diamond Company plans to sell a second parcel of  rough diamonds that were recovered from its Lulo diamond concession in Angola. This sale will offer 371.35 carats of diamonds, which were valued by Jaguar Consultants Ltd. at $3.2 million. angola diamonds

The parcel also includes a 95.45-carat and a 32.20-carat, type IIa diamond that were recovered from Lulo in January as well as a 4.40-carat rough pink diamond that the company valued at $10,250 per carat.  Once the date is determined for the sale, the tender will be conducted by Angola's diamond sales division, SODIAM.

Jaguar advised Lucapa Diamond to take into consideration a buyer’s discount of 10 percent to 15 percent from the sale proceeds. Lucapa's board of directors approved using some of the proceeds to pay a $450,000 (AUD 500,000)   surface tax levied on the Lulo concession. Feedback from Lucapa’s joint-venture partner in Angola, Endiama, determined that Angola's Ministry of Geology and Mines may be waiting for payment on the surface tax before renewing its kimberlite license at Lulo.

Lucapa sold its first parcel of Lulo diamonds, weighing 496.20 carats, for $2.8 million in July and its share of the proceeds totaled $2.4 million, according to the company's statement.

Tags: Angola, diamond tender, diamonds, Jeff Miller, lucapa, Lulo, SODIAM
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