Lucapa Diamond Company Limited report strong progress by the Committee tasked with finalising the Project Lulo Joint-Venture Mineral Investment Contract (MIC) following its latest meeting in Luanda, Angola.
As a result, the Committee has agreed to meet again in January to resolve the remaining outstanding details, which should lead to the MIC being approved and signed off by the Ministry in Q1 of 2025. The new MIC proposes to increase Lucapa’s interest in the Project Lulo Joint-Venture to a majority stake of 51% from the current 39%.
Lucapa Managing Director and CEO Alex Kidman said: “The Committee has made strong progress and is on track to finalise the revised agreement in the New Year. This is an important development for Lucapa because it will increase our share of the diamond exploration venture to 51 per cent, giving Lucapa significantly more exposure to exploration success.
The Committee knows the importance of completing this process as quickly as possible and the latest meeting gives us confidence that the new agreement will be signed off in early 2025”.
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