Lucapa Diamond Company announced the recovery of a 176-carat type IIa rough diamond from its Lulo alluvial mine in Angola. This diamond marks the eighth-largest find at Lulo since operations began in 2015 and the fifth diamond over 100 carats discovered this year.
Earlier discoveries in 2024 include a 195-carat diamond in May and a 203-carat diamond in March. In February, the company recovered two diamonds weighing 162.42 and 116.14 carats on consecutive days. In total, Lucapa has unearthed 45 diamonds over 100 carats from Lulo.
Nick Selby, managing director of Lucapa, emphasized the significance of these discoveries, highlighting the potential of the kimberlite province where they are focusing their exploration efforts.
Regarding financial performance, Lucapa reported that revenue from Lulo decreased 14% year-on-year to $17.8 million in the second quarter of the year. Sales volume fell by 30% to 5,016 carats, while the average price per carat increased by 23% to $3,551, partly offsetting the decline. Production for the period ending June 30 declined by 44% to 4,562 carats due to mining lower-grade but higher-value ore from the terrace area. The company cited flooding in the intended mining blocks as a contributing factor.
Lucapa also provided the final report on the Mothae mine in Lesotho, which has been sold. Revenue from Mothae decreased by 40% to $4.7 million, with the sale of 7,950 carats of rough marking a 1% decline from the same period last year. The average price per carat dropped by 39% to $595, despite a 7% increase in output to 8,638 carats.
