Lucapa in talks to secure majority stake in Angola JV

ASX-listed Lucapa Diamonds has confirmed that it is in talks to potentially secure a majority stake in the Project Lulo joint venture (JV), which holds the primary kimberlite exploration licence for the 3 000 km2 Lulo diamond concession, in Angola.

Discussions are currently under way with the Angolan Ministry of Mineral Resources and Petroleum and Angola’s national diamond company Endiama.

Lucapa is hopeful that the discussions will be concluded by the first quarter of 2020.

The kimberlite exploration programme aims to identify the primary hard-rock source or sources of the alluvial diamonds being mined by Lucapa and its partners at Lulo, which have achieved average run-of-mine sale prices of up to $1 900/ct.

Lucapa currently holds a 39% interest in Project Lulo and is the operator of the kimberlite exploration JV.

Endiama holds 51% and Rosas & Petalas 10%.