Lucapa Raises $13M to Broaden Australia Drilling

RAPAPORT... Lucapa Diamond Company has raised $12.7 million (AUD 16.5million) to proceed with an aggressive drilling and exploration program at itsBrooking project in Western Australia. The funding - which came from a major new investor, as well as current shareholders - will go toward carrying outmore exploration at the lamproiteresource, the company said Monday. The asset has already produced 119 diamondsfrom a small sample recovered from one of 18 holes Lucapa has drilled. The Brooking project is about 50 kilometers away from theEllendale mine in the West Kimberley area. Until its recent closure, Ellendaleproduced more than 50% of the world's fancy yellow diamonds, Lucapa said. Lucapa has an 80% share in the Brooking project, and willretain the same stake following the investment deal. Aside from the WesternAustralia asset, the miner owns the Angola-based Lulo mine, which has producedseveral large diamonds, including a 404.2-carat stone unearthed in 2016. Italso acquired a 70% holding in the Lesotho-based Mothae mine in 2017. Lucapa shares rose 6.5% on Monday after the announcement.