Ann: Record 404 Carat Diamond Recovered at Lulo, Angola, page-233

"He added that Endiama and the Ministry of Geology and Mines are examining so that the value of the sale can revert directly to the State Budget.

"That is, the part that will fit to Endiama, we will not reinvest it in Lulo, but we will forward it directly to the State Budget," he said."

Izlush:

Thanks for your post.
I think this is the first indication that Endiama intend to allow distributions from the JV to the partners in Lulo.
In which case Lucapa will receive 70% of the surplus money (50% loan recovery + 40% of the 50% balance) up to about $120m.

I think this is an important step forward in the progression of the JV.
Let's hope that is correct and the next step is enabling LOM to increase it's equity to 50%. No doubt following the 404 ct find the price of the additional equity will no doubt cost more than previously.

Brilliant bit of information Izlush.........