Diamond producer, ASX-listed Lucapa Diamond Company Limited (LOM) says the Company has begun to “shine bright” in the world of Special diamonds.
The Company’s CEO and Managing Director, Mr. Stephen Wetherell, told the first day today of the three-day Pay dirt Africa Down Under (ADU) mining conference in Perth that Lucapa was making “giant strides” at its flagship Lulo diamond project in Angola.
It is also on track with the development of the Mothae kimberlite project in Lesotho and has recently reported “staggering” drilling results at its Little Spring Creek discovery in the Kimberley region of Western Australia.
At Mothae, in which Lucapa has acquired a 70% interest, the Company is constructing a 1.1mt pa diamond treatment plant, complete with XRT recovery technology. Part of a Phase 1 development program, the Mothae plant is scheduled to commence high-value production later this year.
Lucapa makes “giant strides” at its flagship Lulo diamond project in Angola and at Mothae Mine in Lesotho.
Lucapa, which is developing Mothae in partnership with the Government of Lesotho, is also refurbishing a bulk sampling plant and the Company has commenced testing additional areas of the kimberlite pipe. The Company has already recovered a number of large Special diamonds, including two yellow diamonds weighing 89 carats and 25 carats from the bulk sampling program.
Mr Wetherall told the ADU audience that the plant at Mothae is on schedule for H2 2018 commissioning.
The initial financial model for the Mothae plant supports production of 1.1 Mtpa in Phase 1 and 2.2 Mtpa in Phase 2, which is targeted for a 2021 start-up. The project has a current estimated mine life of 13.5 years, with a project NPV of approximately US$85 million.
At the Lulo project, already a prolific producer...