Lulo's Rough-Diamond Resources Climb

RAPAPORT... Rough resources at Lucapa Diamond Company's Lulo deposit in Angola increased 11% in 2021 as the miner identified new material and improved its knowledge of existing areas, management said Monday.The figure, which refers to the volume of diamonds with a reasonable prospect of being extracted economically, climbed to 151,040 carats as of December 31 from 135,900 carats a year earlier, the company noted, citing independent estimates from South Africa's Z Star Mineral Resource Consultants. The study valued the resources at $1,930 per carat, up 34% from $1,440 in December 2020, partly reflecting a market-wide increase in rough prices. The diamond grade grew to 6.87 carats per 100 cubic meters, while the average size of rough was 1.26 carats per stone, versus 1.23 carats the previous year.The rise marks the fourth consecutive year in which Lulo's carat resources have increased, Lucapa noted. To date, total production from Lulo has come to 137,000 carats, selling for $276 million at an average price of $2,000 per carat.Image: The Lulo mine. (Lucapa Diamond Company)