AFR Stock Watch - Lucapa Diamond

Stock Watch - Lucapa Diamond

Australian Financial Review
Sep 27 2016 at 4:41 PM

Shares in small cap diamond producer, Lucapa Diamond, have leapt 28 per cent so far this September, including 12.2 per cent today. The company, which is drilling in Angola in Africa, has made a series of exceptional discoveries of very large diamonds from their Lulo project. The company announced a 172.67 carat diamond discovery on Monday.

"It's very rare to recover something above 50 carats, it's quite extraordinary," says Reg Spencer, precious metals analyst at Canaccord Genuity. "The fact that these guys are finding them regularly suggests it's a pretty special project." This diamond is the fifth discovery over 100 carats so far this year. In February, Lucapa found a 404 carat diamond, the biggest recorded diamond discovery ever found in Angola. It reportedly sold for $22.5 million two weeks later.


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