Shares
of Australia-based Lucapa Diamond (ASX:LOM) gained almost 4% Thursday after the
miner announced Thursday it will begin mining at its Lulo alluvial concession
in Angola in January.
In
a first phase the miner plans to target high-grade diamond ore bodies, meeting
a target of 14,000 bank cubic metres (bcm) per month before the end of June.
In
the second half of the year Lucapa will bring in additional earth moving
machinery to ramp up production to about 40,000 bcm per month.
In
the second half of the year Lucapa will bring in additional earth moving
machinery to ramp up production to about 40,000 bcm per month.
The
company’s new chief executive officer Stephen Wetherall noted that mining in
Stage 1 would focus on select areas within the licence area, which produced
higher grades during the bulk sampling programs.
Lulo,
about 700 kilometers (435 miles) east of Angola’s capital Luanda, could be even
more valuable than the country’s biggest gem producer, Catoca, which is also
the world’s fourth-largest kimberlite mine, Lucapa managing director Miles
Kennedy has said.
World's
rarest gems
The
project, a joint venture between the company and the Angolan government, hosts
type-2a diamonds, which the company qualifies as "the world's rarest and
most valuable gems". These kinds of precious rock account for less than 1%
of global supply and, according to Lucapa, the world's most famous large,
white, flawless diamonds belong to this category.
Angola
is the world’s No.4 diamond producer by value and No.6 by volume. Its industry,
which began a century ago under Portuguese colonial rule, is successfully
emerging from a long period of difficulty as a result of a civil war that ended
in 2002.
The
government has recently reduced taxes and cut state ownership requirements as
it seeks to rekindle the industry after the global financial crisis forced
mines to close.
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