Lucapa, an Australian mining company with a 40 percent stake in the Lulo alluvial deposit located in Angola, announced updated estimates showcasing a substantial increase in diamond reserves beyond previous projections.
According to the Joint Ore Reserves Committee (JORC) classification, external consultants from South Africa have confirmed a 48 percent boost in the inferred alluvial diamond resource to 228,000 carats. This increase indicates a potential eight years’ worth of production at planned extraction rates for the deposit, which has been commercially operational since January 2015.
This development marks the sixth consecutive year of growth in resource carats, despite ongoing mining depletion, with 30,585 carats extracted in 2023, totaling approximately 200,000 carats overall.
Despite maintaining its status as commanding the highest price per carat for alluvial diamonds globally, Lulo saw a modest decline of around five percent in modelled values, including specials, in 2023, dropping to $11,897 per carat.
