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Lulo Resource Estimate Nearly Doubles

Mar 25, 2019 10:21 AM   By Rapaport News
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RAPAPORT...
 Diamond resources at Lucapa Diamond Company’s Lulo alluvial mine in Lesotho are 90% higher than it originally estimated, according to an independent valuation.

Lulo has 80,400 carats remaining in the mine, according to a December 2018 study by external consulting company Z Star Mineral Resource Consultants. That figure was reevaluated from a previous Lulo resource estimation conducted in May 2017, which listed the mine’s total contents at 42,200 carats.

Z Star also updated the average price for Lulo rough to $1,420 per carat, a 17% improvement versus the previous estimate of $1,215 per carat.

“The near doubling of in-situ resource carats in the upgraded Lulo diamond resource supports the Lulo partners’ plans to increase alluvial production in 2019,” Lucapa CEO Stephen Wetherall said.

Image: Diamonds from the Lulo mine. (Lucapa)
Tags: lucapa, Lucapa Diamond Company, Lulo, Lulo mine, Rapaport News, Stephen Wetherall, Z Star Mineral Resource Consultants
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