Lucapa’s Lulo mine resource carats up 25%

This 38.6-carat stone is the largest “fancy” coloured diamond recovered to date from Lulo. (Image courtesy of Lucapa Diamond.)

Lucapa Diamond (ASX: LOM) and partners Endiama and Rosas & Petalas announced on Monday a 25% increase in the Lulo diamond mine reserve in Angola, to 100,700 carats.

The miner said the total equals more than five times Lulo’s production of 19,000 carats in 2019, in the fifth consecutive year of commercial alluvial production.

The estimate also puts the average dollar per carat value for Lulo diamonds at $1,620, representing a 14% increase on the previous modelled estimate of $1,420 per carat.

Overall sales of Lulo diamonds to date total $168 million at an average price per carat of $1,900

Overall sales of Lulo diamonds to date total $168 million at an average price per carat of $1,900.

“The updated Lulo Diamond Resource is the result of another significant workstream undertaken by the Lulo partners throughout 2019 in parallel with the ongoing alluvial mining and kimberlite exploration programs,” managing director Stephen Wetherall said in the media release.

“The latest update also represents the highest number of carats ever in a Lulo Diamond Resource – and that is after five years of increasing alluvial mining depletion.”

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