Geobrand - Miles did tell me that there are a number of factors which will influence the required amount of carats which make up a marketable parcel, e.g. grades, distribution and quality etc. The industry standard is 2,500 carats, however for Lulo it will be closer to 2,000 carats, but could even go as low as 1,500 carats. It's not a case of 'one glove fits all'.
Ruckus ".............the recently issued license allows for us to fence off the stones, and gain capital from the sales?"
Essentially, yes, however the licence was for the permit to explore for alluvial diamonds, whereas a mining licence is required prior to selling the diamonds.
We have recently seen some areas where the Angolans have 'bent' the rules in favor of LOM and its JV partners. I wouldn't at all be surprised to see the Angolans relax the rules for a marketable parcel, e.g. issuing a temporary alluvial mining licence which eccentrically gives us the authority to sell the cache of diamonds prior to achieving a marketable parcel - all IMO of course, but there has to be a logical reason why LOM opted to raise a modest amount late last year.
LOM Price at posting:
0.8¢ Sentiment: Buy Disclosure: Held
