Lulo has Another Eight Years of Diamond Production
March 20, 24
(IDEX Online) - Lucapa says updated estimates indicate significant larger diamond reserves at its Lulo alluvial deposit, in Angola, than previously thought.
The Australia miner, which holds a 40 per cent stake in Lulo, says the JORC (Joint Ore Reserves Committee) classified inferred alluvial diamond resource has been increased 48 per cent to 228,000 carats by external consultants from South Africa.
It says that at planned extraction rates, the new resource volume is equal to eight years' production. The deposit has been in commercial operation since January 2015.
This is the sixth consecutive year in which the resource carats, based on diluted gravel (ore) volume, have increased, despite ongoing mining depletion (30,585 carats in 2023, around 200,000 carats in total).
Lulo commands the highest price per carat for alluvial diamonds in the world, but modelled values (including specials) decreased by around five per cent during 2023 to $11,897 per carat.
Inferred diamond resources are typically derived from geological mapping, sampling, and limited drilling and represent only a preliminary estimate.
Pic of trial mining during resource definition work at Lulo, courtesy Lucapa.