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Lucapa Prepares to Sell Mothae Diamonds

Oct 25, 2018 3:44 AM   By Rapaport News
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RAPAPORT... Lucapa Diamond Company will begin producing diamonds at its Mothae mine on a commercial scale, paving the way for its first scheduled sale later this year.

The miner has commissioned the Lesotho asset’s treatment plant, and expects to see its first commercial recoveries in early November, it said Monday. It plans to increase production to its intended levels during the fourth quarter.

Lucapa has already exported about 2,500 carats of rough diamonds to Antwerp from its recent bulk sampling. It plans to ship the remainder of the 4,100 carats to the Belgian city ahead of the first scheduled sale in the fourth quarter.

Mothae’s former owner, Lucara Diamond Corp., achieved sale prices of up to $57,000 per carat during trial mining between 2008 and 2012, Lucapa said. During that process, Lucara recovered approximately 23,400 carats, including 96 individual stones over 10 carats and a 254-carat bort.

Lucapa’s shares rose more than 4% after the announcement.

Image: A 2,500 carat parcel from bulk sampling at Lucapa's Mothae mine in Lesotho. (Lucapa Diamond Company)
Tags: lucapa, Lucapa Diamond Company, Mothae, Mothae diamond mine, Mothae Mine, Rapaport News
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