Lucapa reaches “Record” Mining Volumes in Q1 2023

Lucapa Diamond, which operates mines in Angola (the Lulo mine) and Lesotho (the Mothae mine), has announced that it mined “record volumes” in the first quarter of the year (ended 31 March), according to IDEX Online.

Mining, preparation and processing operations performed exceptionally well during the Quarter despite a heavy wet season. Lucapa sold 7,162 carats from Lulo during Q1 – a rise of 75% year-on-year, while price per carat dropped 36% to $1,759. Sales from Mothae totaled 6,315 carats – a 25% drop year on year, while carat price rose 28% to $887.

Mining and exploration programs

Rough  diamond  revenues  of US$12.6  million  (A$18.1  million)  and the average diamond  price achieved of US$1,759 (A$2,531)/ carat would have been significantly better, if not for three large and high-value diamonds being extracted  and  not  sold  during  the  Quarter.  These three diamonds, weighing a total of ~316 carats and including two +100 carat stones, are being held for a tender.

Stephen Wetherall, Lucapa’s Managing Director, said: “The mining and exploration programs performed exceptionally well with more records being achieved in the first quarter of 2023. At Lulo, record volumes were mined and processed and we recovered our 36th +100 carat diamond from the alluvial mining operations, a 150 carat Type IIa white diamond.  Despite the record carat production last year, the Lulo JORC classified inferred alluvial diamond resource increased 2% to 154,000 carats. At Mothae, there are positive early indications of the benefits from the plant flow sheet changes made to increase both capacity and revenue/ hour with a new record set in March for monthly volume processed. Our  focus  on  strengthening  the  balance  sheet  continued  during  the  Quarter  and  post  Quarter  end,  with debt owing to the IDC and Equigold down to A$2.9 million.”