Lucapa's Lulo Production Drops in 1Q

RAPAPORT... Output at Lucapa Diamond Company's Lulo mine in Angola fellin the first quarter, as it focused on processing ore from lower-grade miningareas. Production declined 25% to 3,369 carats, compared with 4,507carats the previous year, the miner said last week. Sales volume for the periodplummeted 93% to 451 carats. However, sales value rose 12% to $12.1 million, as thecompany sold seven large stones it had been saving for auction at its firstAngolan tender. Those diamonds drove an increase in the average price to$26,754 per carat, compared with $1,731 in the first quarter of 2018. During the three months ending March 31, Lucapa recovered atotal of 92 stones above 4.8 carats from Lulo. Those included 31 special-sizestones -above 10.8 carats - the largest of which was a 128-carat, high-quality whitediamond. The miner also recovered a 7.5-carat, fancy-purple-pink diamond fromthe deposit. At the end of the quarter, Lucapa had 4,871 carats in itsinventory. It will sell those stones in the second quarter of the year, itsaid. Image: The 7.5-carat fancy-purple-pink diamond from the Lulo mine. (Lucapa Diamond Company)