Lucapa Diamond Company Limited announces significant progress in the renewal of the Lulo Kimberlite Exploration Joint-Venture Minerals Investment Contract (MIC) in which it is proposed for Lucapa to receive a majority stake.
The committee tasked with verifying the terms of the MIC and ensuring legal compliance, met in the Angolan Capital Luanda last week.
According to the terms, the committee must conclude its discussion within 90 days from the meeting and submit a final report to the Angolan Minister of Mineral Resources prior to the signing of the new MIC. The new agreement proposes to increase Lucapa’s stake in the Lulo Kimberlite Exploration Joint-Venture to a 51% majority stake, up from the current 39% share.
Lucapa has interests in two producing diamond mines in Angola (Lulo, in which LOM holds 40%) and Lesotho (Mothae, in which LOM holds 70%). The large, high-value diamonds produced from these two niche African diamond mines attract some of the highest prices/ carat globally.
The Lulo mine has been in commercial production since 2015, while the Mothae mine commenced commercial Production in 2019.
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