The 15.2 carat Fancy Intense Orangy Pink Heart shaped diamond
- Main diamond cut & polished from the 46 carat pink coloured Lulo rough diamond
- Sold into value accretive cutting & polishing partnership
- 15.2 carat polished diamond graded as Fancy Intense Orangy Pink by the GIA
Lucapa Diamond Company Limited (ASX: LOM) (“Lucapa” or “the Company”) and its Lulo partners, Empresa Nacional de Diamantes E.P. (“Endiama”) and Rosas & Petalas, are pleased to announce the result of cutting & polishing the 46 carat pink coloured rough diamond recovered by Sociedade Mineira Do Lulo (“SML”) at the Lulo Diamond Project in Angola.
As per the ASX announcement 24 March 2020, the gem-quality 46 carat pink rough diamond was sold by SML into a cutting & polishing partnership with SML’s preferred buyer, Safdico International Limited (“Safdico”). Under the partnership agreement, SML retained a share in the margin to be generated from the sale of the resultant polished diamonds.
The Lulo partners are pleased to advise the results delivered from cutting & polishing the 46 carat diamond. The rough diamond delivered 3 polished diamonds - a 15.2 carat Heart and two Pear shaped diamonds weighing 3.3 carats and 2.3 carats.
The main delivery, a 15.2 carat Heart shaped diamond was graded by the Gemmological Institute of America (“GIA”) as Fancy Intense Orangy Pink, with a clarity grade of VVS1 and Excellent gradings for both polish and symmetry.
The 46 carat pink coloured diamond is the largest gem-quality coloured rough diamond recovered to date from Lulo mining operations.
The transformational marketing regulations enacted in Angola in 2019 provides SML with the ability to sell diamonds into other value accretive channels and partnerships whereby SML is able to attract additional value over and above the normal rough price achieved at mine gate. This partnership channel materially enhances the value SML delivers to all its stakeholders, including the Angolan economy.
“The results obtained from this diamond are a reflection of the new Government policies for the Angolan diamond sub-sector. They also constitute physical and visible evidence of the great potential of the Lulo mine, which due to the quality and characteristics of the diamonds it has produced, boosts our confidence in the future of the national diamond industry.”
“ENDIAMA, as a partner, welcomes this major step, which enhances the value of Angola's diamonds”.
“The recent enactment of the Angolan diamond marketing regulations is having the desired effect. New permitted diamond marketing channels, such as this partnership initiative implemented at SML, are starting to show the real and significant additional benefitthat can be derived from the diamonds produced at Lulo.”
“Pink coloured diamonds are rare and constitute less than 0.1% of global diamond production. With the recent closure of the renowned Argyle underground mine in Australia, which produced ~90% of the world’s natural pink diamonds, these diamonds are about to become even more scarce. This bodes well for the sale of the 15.2 carat polished pink diamond and other diamonds derived from this unique value accretive polishing partnership”.
Authorised by the Lucapa Board.
Lucapa is a niche diamond producer with high-value mines in Angola (Lulo) and Lesotho (Mothae).
The Lulo alluvial mine and Mothae kimberlite mine both produce large and high-value diamonds, with >75% of revenues generated from the recovery of +4.8 carat stones.
Lulo has produced 15 +100 carat diamonds to date and is one of the highest average US$ per carat alluvial diamond producers in the world. Lucapa and its Project Lulo partners have also received highly encouraging results from their search to discover the primary hard-rock source of the high-value Lulo alluvial diamonds.
The 1.1Mtpa Mothae kimberlite mine in diamond-rich Lesotho commenced commercial mining and processing operations in January 2019. It produced >30,000 carats in its first year of production, including 3 +100 carat diamonds. Lucapa has recently secured funding to commission a ~45% expansion in the processing capacity of the Mothae kimberlite mine from 1.1Mtpa to 1.6Mtpa which is scheduled for completion in Q1 2021.
Lucapa’s Board, management team and new strategic investors have decades of diamond industry experience across the globe and right through the diamond pipeline, particularly in extracting value from large and high-quality diamonds.
Information included in this announcement that relates to exploration results and resource estimates is based on and fairly represents information and supporting documentation prepared and compiled by Richard Price MAusIMM who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Price is an employee of Lucapa Diamond Company Limited. Mr Price has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves. Mr Price consents to the inclusion in the announcement of the matters based on this information in the form and context in which it appears.
To the extent that this announcement contains references to prior exploration results and Mineral Resource estimates, which have been cross referenced to previous market announcements made by the Company, unless explicitly stated, no new information is contained. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
This announcement has been prepared by the Company. This document contains background information about the Company and its related entities current at the date of this announcement. This is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this announcement.
This announcement is for information purposes only. Neither this document nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction.
This announcement may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction. This document does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this representation are not intended to represent recommendations of particular investments to particular persons.
Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) risks associated with mining, exploration, operations, resource, environment, funding and adverse or unanticipated market, financial, currency or political developments.
No responsibility for any errors or omissions from this document arising out of negligence or otherwise is accepted. This document does include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of the Company. Actual values, results, outcomes or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and ASX Listing Rules, the Company does not undertake any obligation to update or revise any information.
Source: Lucapa 3-12-2020
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