(IDEX Online) – Lucapa, the Australian mining company with a 40 percent stake in the Lulo alluvial deposit in Angola, has revealed updated estimates indicating significantly larger diamond reserves than previously estimated.
According to Lucapa, external consultants from South Africa have classified the inferred alluvial diamond resource, as per the Joint Ore Reserves Committee (JORC) standards, at 228,000 carats, marking a 48 percent increase. This expanded resource volume, the company states, equates to eight years’ worth of production at planned extraction rates. Notably, the Lulo deposit has been operational since January 2015.
Remarkably, this marks the sixth consecutive year in which the resource carats, based on diluted gravel volume, have expanded, despite ongoing mining depletion. In 2023 alone, approximately 30,585 carats were extracted, contributing to a total of around 200,000 carats.
Despite its robust production figures, Lulo continues to command the highest price per carat for alluvial diamonds globally. However, modelled values, encompassing specials, experienced a marginal decline of approximately five percent in 2023, settling at $11,897 per carat.
It’s worth noting that inferred diamond resources, derived from geological mapping, sampling, and limited drilling, represent preliminary estimates and may be subject to further revisions.
