Lucapa to Sell Majority Stake in Mothae
May 15, 24
(IDEX Online) - Lucapa is to sell its 70 per cent stake in the Mothae mine, in Lesotho - which produces some of the world's highest value diamonds - to focus on its core assets in Africa and Australia.
The Australian miner has recovered over 150,000 carats since it started commercial production in 2019, bringing in more than $100m in revenue.
Lucapa's board today (15 May) said it was "considering all options" for the divestment of its stake in Mothae. It is discussing options with the Lesotho government, which owns the remaining 30 per cent.
Mothae produce large, high-value diamonds attracting the second highest dollar per carat prices in the world for kimberlite diamonds.
Lucapa also holds a 40 per cent stake in the Lulo alluvial mine, in Angola, and is involved in exploration projects in Angola, Australia and Botswana.
"On review, it is clear the company should streamline the portfolio to focus on our core assets in Africa and Australia," said Lucapa chairman Stuart Brown.
"The company's collaboration with the Lesotho government on the Mothae Diamond Mine has been rewarding and our management have worked exceptionally well to optimise the plant to recover large diamonds. We expect there will be significant interest from those within the diamond industry and on a wider scale."
The mine has indicated resources of 180,000 carats and inferred resources of 960,000 carats, according to December 2023 figures provided by Lucapa, with a modelled per carat value of $606.
Lucapa says in its sales material that Mothae has recovered 13 +100ct diamonds (largest Type IIa gem 213cts), and 10 diamonds valued at over $1m.
It also has a value adding cutting and polishing offtake partnership with the Safdico manufacturing and trading company.
Pic of Mothae, courtesy Lucapa.