Ann: Lucapa Exceeds Diamond Mining and Processing Targets, page-81

LUCAPA CLOSES ON POSITIVE CASH-FLOW AT ANGOLAN ALLUVIAL MINE

By MBM Correspondent

Angolan diamond miner Lucapa is on the brink of cash-flow positive operations already after just three months of alluvial diamond operations at its Lulo project in Angola after exceed its forecasts in the first three months since commencing in January 2015.
Diamond recoveries in the March quarter (Q1) totalled 1,335ct in 1,317 stones. Average size was 1.01ct, but included large stones weighing 26.7ct, 23.45ct and 20.35ct. Several of the special stones were confirmed as rare Type IIa gems.
The company’s 125tph plant processed 12,912bcm of gravels – ahead of the forecast 12,000bcm. Recovered grade was 10.34ct/100cu m.
The strong results for the March quarter were achieved despite the wet season restricting the mining operations to river terraces close to the treatment plant.
“We are extremely pleased to have exceeded our throughput targets for the first three months of diamond mining at Lulo during the challenging conditions of the Angolan wet season,” CEO Stephen Wetherall said.
With mining now being extended to high-grade areas that yielded the largest and most valuable diamonds in alluvial bulk sampling, Lucapa is targeting an overall grade of 15ct/100cu m in the June quarter.
The Australian-based company is also sourcing additional earthmoving fleet and in-field screening plants to reach its Phase 1 mining throughput target of 10,000-14,000bcm/month by June.
“Achieving our throughput targets for the current quarter will ... enable Lucapa to achieve another significant milestone, which is for our alluvial diamond mining operations to start generating positive operating cash-flows by the end of the June 2015 quarter.”
Lucapa operates the 3,000sq km Lulo concession in Angola’s Lunda Norte diamond heartland in partnership with Angolan government diamond concessionary Endiama and private group Rosas & Petalas.

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