lulo
Lucapa Diamond Company

The Angolan Ministry of Mineral Resources and Petroleum has gazetted a new Mineral Investment Contract, or MIC, for ASX-listed Lucapa Diamond Company’s Lulo kimberlite exploration licence.

The MIC covers a five-year period through to 30 April 2023.

Lucapa is a co-owner and operator of the kimberlite (primary source) exploration programme on the highly prospective 3 000 km² Lulo concession, which is run in parallel with the high-value alluvial diamond mining activities, conducted via Sociedade Mineira Do Lulo (a 40% shareholder in Lucapa).

Lucapa and its partners have established a systematic year-round kimberlite drilling programme which aims to identify the primary hard-rock source, or sources, of the exceptional large and high-value alluvial diamonds currently being recovered proximal to the kimberlite targets at Lulo.

Lucapa MD Stephen Wetherall said the gazetting of the new five-year MIC for the Lulo kimberlite licence was further evidence of Angola’s diamond sector reforms and the strong working relationship between Lucapa and its Angolan partners.

“Following on from the recent gazetting of Angola’s new diamond marketing policy, this new five-year award is another sign of the positive changes taking place in the Angolan diamond sector, which are aimed at increasing foreign direct investment and diamond production.”