When the Lulo diamond project ramps up to regular mining operations by 2016, it will replace Catoca as the largest diamond mine in all of Angola, Rough and Polished reports. Quoting Bloomberg, the report notes that not only will Lucapa's Lulo concession knock Catoca out of the top spot for volume of carats extracted, but it will also dwarf Catoca in terms of value; while Catoca's gems fetch approximately $100 per carat, the stones unearthed at Lulo thus far have garnered over $6,500 per carat. Lucapa managing director Miles Kennedy said that the diamond company anticipates that it will be granted a license to mine at the Lulo site above ground by year's end. Lucapa owns a controlling interest in the 3,000 square kilometer concession, holding a 40% stake, while Angola's state-owned diamond company holds 33% and Rosas e Petalas SA holds the remaining 27%, according to Rough and Polished.[/table][/table][/table]
LOM Price at posting:
50.0¢ Sentiment: Buy Disclosure: Held
Jurie Maree
