Lucapa Diamond Company has finalized its mineral investment contract for the Lulo joint venture in Angola, increasing its ownership stake to 51%. This development, awaiting formal approval from the Angolan Ministry, enables greater exploration opportunities at the Lulo concession, currently involved in a Kimberlite sampling programme.
Lucapa Diamond Company, listed on the Australian Securities Exchange (ASX), has successfully finalized its mineral investment contract (MIC) for the Lulo joint venture (JV) in Angola, elevating its ownership stake in the JV to 51%. This contract now awaits formal endorsement from the Angolan Ministry of Mineral Resources and Petroleum.
The Lulo JV primarily concentrates on the exploration of kimberlites within the Lulo concession located in Angola. The latest MIC enables Lucapa to enhance its initial interest from 39% to a majority stake of 51%. The contract’s finalization followed a comprehensive three-day meeting in Angola, where the MIC Committee along with JV partners Endiama and Rosas & Petalas addressed the remaining details.
Lucapa’s Managing Director and CEO, Alex Kidman, commented on the significance of acquiring the majority stake: “Securing a majority stake of the Lulo exploration JV is a pivotal outcome for Lucapa because it will deliver us an increased share of any exploration success.” He further emphasized that the completion of the MIC signals Angola’s commitment to the company and the Lulo project, which is recognized as a prominent diamond initiative in the region.
At present, the Lulo concession is undergoing a Kimberlite bulk sampling programme, which involves the stockpiling of samples from site L130/01. Preparations are also in progress to process samples from other promising locations such as L349, L137, and L130. Additionally, in May 2024, Lucapa Diamond indicated its intention to divest a 70% stake in the Mothae diamond mine located in Lesotho.
Lucapa Diamond Company has successfully increased its stake in the Lulo joint venture to 51% through the finalization of a mineral investment contract. This strategic move showcases the company’s potential for increased exploration success and highlights Angola’s commitment to the Lulo project. Furthermore, ongoing bulk sampling at the Lulo concession exemplifies Lucapa’s proactive approach in diamond exploration, indicating exciting developments on the horizon.
Original Source: www.mining-technology.com
