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Lucapa prepares for Angolan diamond rush

Speaking at Lucapa Diamond Company’s AGM chairman, Miles Kennedy, reiterated the company’s will to assist the Angolan Government to achieve its goal of doubling diamond production.

The Government and its State-owned diamond enterprises have committed to making changes that are likely required to secure the foreign investment and expertise needed to achieve this goal.

“Having operated in Angola for a decade, through some very difficult times, Lucapa is in a great position to benefit from these changes. We expect further progress this year,” stated Kennedy.

Lucapa has raised A$16.5 million in a share placement highlighting confidence in its Angola, Australian and Lesotho production and exploration activities.

The Angola government has historically enforced control within its diamond mining sector, however, newly elected president, Joao Lourenco, plans to double the country’s diamond production to 14 million carats in the next four years.

Lucapa and its Angolan partners are planning a growth strategy at Lulo.

“On the mining front, Lucapa continues to recover large and premium-value diamonds from new areas along the ~50km stretch of the Cacuilo River valley which runs through its Lulo concession.”

Recent recoveries from new mining blocks have opened up for Lucapa, such as Mining Block 4, include a 46 carat pink, its biggest coloured diamond to date, as well as a number of high-value Type IIa D-colour gem Specials.

“While our mining to date has focused on the alluvial terraces along the Cacuilo River, we believe there is major potential for the flood plains to also host diamond-bearing gravels, which would open up large new mining areas,” explains Kennedy.

In Lesotho, our development team is well on schedule to commission our new Mothae mine in the second half of this year.

Our new 150 tonne per hour plant is already being constructed on-site, with the XRT large-diamond recovery circuit due to arrive soon after being shipped to South Africa from