Lucapa Diamond Company has increased its stake in the Lulo joint venture in Angola to 51% through the finalization of a mineral investment contract, pending endorsement by the Angolan government. This development is crucial for enhancing Lucapa’s exploration success and reflects the commitment towards the Lulo project, supported by ongoing Kimberlite sampling efforts.
Lucapa Diamond Company, a diamond miner listed on the Australian Securities Exchange (ASX), has completed its mineral investment contract (MIC) for the Lulo joint venture (JV) in Angola, thereby increasing its ownership stake in the JV to 51%. The final contract is awaiting formal endorsement from the Angolan Ministry of Mineral Resources and Petroleum.
The Lulo JV is dedicated to the exploration of kimberlites located within the Lulo concession in Angola. This MIC aims to elevate Lucapa’s interest in the Lulo JV from 39% to a commanding majority of 51%. The contract’s finalization followed a productive three-day meeting in Angola, where details were agreed upon by the MIC Committee and joint venture partners, including Endiama and Rosas & Petalas.
Lucapa’s Managing Director and Chief Executive Officer, Alex Kidman, expressed, “Securing a majority stake of the Lulo exploration JV is a pivotal outcome for Lucapa because it will deliver us an increased share of any exploration success and the finalisation of the new MIC is something a number of our shareholders have been awaiting for a long time.”
Mr. Kidman further highlighted Angola’s commitment to Lucapa and the Lulo project, recognizing it as one of the nation’s premier diamond initiatives. He stated the company’s eagerness to collaborate with partners in uncovering the sources of Lulo’s extraordinary diamonds.
Currently, Lucapa has initiated a Kimberlite bulk sampling program at the Lulo concession, which includes stockpiling samples from L130/01 and preparing to process samples from other promising locations such as L349, L137, and L130. Additionally, Lucapa Diamond announced its intent in May 2024 to divest a 70% interest in the Mothae diamond mine situated in Lesotho.
In conclusion, Lucapa Diamond Company’s recent acquisition of a 51% stake in the Lulo JV marks a significant milestone in its operations within Angola. The completion of the MIC demonstrates the enhanced commitment between Lucapa and the Angolan government towards the development of the Lulo project. The ongoing Kimberlite sampling program signifies promising exploration activities underway, paving the way for potential discoveries.
Original Source: www.mining-technology.com
