Lucapa Diamond Company has increased its stake in the Lulo joint venture in Angola to 51% through a finalized mineral investment contract, pending approval from the Angolan government. This majority stake is key for enhanced exploration success, as the company conducts ongoing sampling at the concession and plans future strategic sales.
Lucapa Diamond Company, listed on the Australian Securities Exchange (ASX), has finalized a mineral investment contract (MIC) to increase its stake in the Lulo joint venture (JV) in Angola from 39% to 51%. This agreement awaits formal approval from the Angolan Ministry of Mineral Resources and Petroleum.
The Lulo JV focuses on the exploration of kimberlite mining within the Lulo concession, a key area for diamond exploration. The contract finalization was reached after a three-day negotiation among the MIC Committee and joint venture partners, including Endiama and Rosas & Petalas.
Alex Kidman, managing director and CEO of Lucapa, emphasized the significance of obtaining a majority stake, stating, “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…”
Currently, the kimberlite bulk sampling program is progressing at the Lulo concession, with samples being collected from site L130/01. The sampling program is also set to process samples from additional locations such as L349, L137, and L130. In May 2024, Lucapa announced intentions to divest a 70% interest in the Mothae diamond mine in Lesotho.
Lucapa Diamond Company’s acquisition of a 51% stake in the Lulo JV marks a significant advancement in its operations in Angola, setting the stage for larger exploration success. The finalization of the MIC, pending approval, reinforces Lucapa’s commitment to the Lulo project, a prominent diamond initiative in the region. With ongoing kimberlite sampling and future strategic moves planned, such as the potential divestment in Lesotho, Lucapa is positioning itself strongly in the diamond mining sector.
Original Source: www.mining-technology.com
