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Lulo Revenue Up in Second Quarter

Jul 16, 2019 10:53 AM   By Rapaport News
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 Sales of rough from Lucapa Diamond Company’s Lulo mine doubled to $10 million in the second quarter, reflecting higher volumes and an increase in the average price, the company said Monday.

Sales volume surged 63% to 5,573 carats, while the average price grew 22% to $1,800 per carat. Production at the deposit in Angola fell 24% to 3,868 carats, as Lucapa focused on processing ore from lower-grade mining areas, the miner explained.

During the three months ending June 30, Lucapa recovered 124 stones weighing more than 4.8 carats from Lulo. Those included 45 special-size stones — above 10.8 carats — the largest of which was a high-quality, 130-carat, white diamond.

Lucapa’s Mothae mine in Lesotho produced 6,349 carats in the second quarter, with 91 of those stones over 4.8 carats, among them a 126-carat diamond. The company began commercial production at the deposit at the end of 2018.

In the third quarter, the miner will begin production from the higher-margin southern pit at Mothae, and will continue processing in that area through the rest of the year, it said.

The company will begin cutting and polishing some of its stones in the third quarter, starting with a 46-carat pink it’s holding in its inventory.

At the end of the quarter, Lucapa had 3,855 carats in its Mothae inventory and 3,147 carats at Lulo. Its next tender will take place in July, it added.

Image: Diamonds for sale at the next tender, including the 126-carat stone. (Lucapa Diamond Company)
Tags: lucapa, Lucapa Diamond Company, Lulo, Lulo mine, Mothae, Mothae Mine, Rapaport News
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