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Lulo Run-Of-Mine Rough Diamond Tender Fetches $1,800 Per Carat

Alluvial diamond mining at the Lulo project in Angola

The recently-concluded auction sale of run-of-mine alluvial diamonds weighing a cumulative 5,573 carats, from the Lulo project in Angola fetched an aggregate $10 million. The total translates to an average $1,800 per carat.

The Lulo project is jointly run by the Angola’s state-owned Endiama and Australia-headquartered Lucapa Diamond Company. The project has turned up a significant number of high-value and very large diamonds, including one weighing 130 carats which is still being held in reserve by the joint-venture partners along with several other special stones,

This is the second tender this year of rough diamonds from the Lulo project. The first, in February, realised $16.7 million from the sales of just seven special stones weighing an aggregate 498 carats. The sale price for that sale translates to a whopping $33,530 per carat.

The JV plans to increase Lulo’s throughput to about 450,000 bulk cubic metres by 2020. It has upped the project’s resource estimate to 80,400 carats at an average price of $1,420 per carat.

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