Lucapa Diamond Company announce an updated JORC Classified Inferred Alluvial Diamond Resource for the Lulo diamond concession in Angola. The Lulo Alluvial Resource has grown to 249,000 carats, representing a 9% increase compared to the prior period (228,400 carats) and the seventh consecutive year in which resource carats have increased.
The total diluted volume of gravel available for mining in the Lulo Alluvial Resource increased by 15% to 5.8Mm3, maintaining the equivalent of at least eight years of production at Lulo’s planned mining and processing capacities.
The updated Lulo Alluvial Resource was independently estimated and reconciled on a depletion and addition basis to 31 December 2024 by external consultants, Z Star Mineral Resource Consultants (Pty) Ltd of Cape Town, South Africa.
The updated Lulo Alluvial Resource was estimated after taking into account; Mining depletion to 31 December 2024 by SML mining operations, during which time 25,341 carats of diamonds were recovered,
1: Extensive resource definition work involving 7,197 auger drill holes and 150 pits, including drilling in Mining
Blocks 129 and 137 in the south.
2: Sales of diamonds during 2024 totalling US$54.5m at an average diamond price of US$1,980/ carat.
The modelled diamond value has been normalized using a rough global diamond price index provided by GTD
Consultants, an independent diamond valuation consultancy, up to 31st December 2024. The modelled diamond
values have decreased by ~17% from US$1,897/ carat in 2023 to US$1,581/ carat on average.
The resource grade in the updated estimate has reduced to 4.30 cphm3 from 4.55 cphm3 in 2023.
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