Latest news with #Lucapa
Daily Mail
27-05-2025
- Business
- Daily Mail
Lucapa Diamond Company collapses casting doubt on future of mine where Australia's most impressive jewell was found
A mine that produced Australia's largest ever diamond is set to be sold after its owner entered voluntary administration. KordaMentha Restructuring have been appointed voluntary administrators for Perth-based diamond miners Lucapa Diamond Company Limited. Businesses connected to Lucapa - Brooking Diamonds, Heartland Diamonds and Australian Natural Diamonds, are also in administration. It could mean the Merlin diamond mine, about 720km south-east of Darwin, which Lucapa had planned to revive last year, is in doubt because the administrators said its sale was likely. More than 500,000 carats of mostly gemstone-grade diamonds have been dug up at Merlin, including a 104-carat type 2a diamond which is the largest diamond that has been found in Australian history. Lucapa bought the Merlin mine - one of only three diamond mines in Australia - in 2021 for $8.5million and planned to spend $25million to ensure the mine's future for a further five-years. A 2021 a preliminary assessment of the mine identified potential revenues of $1.6billion, as well as a 2.1million carat production target over 14 years. Lucapa managing director Stephen Wetherall said in 2021: 'The results of the scoping study confirm the great potential identified by Lucapa using an innovative hybrid open pit and vertical pit mining methodology to establish a mining operation at Merlin.' 'There is potential to deliver further significant value through the operational opportunities and from mineral resource extensions, underground development and exploration as the kimberlites continue at depth and there are a significant number of anomalies that have the potential to deliver new source discoveries,' he said. In January, it was reported than Lucapa used modern exploration technology to obtain 'outstanding' results from a geophysical survey conducted at its Merlin diamond project. Lucapa's initial review of the electromagnetic survey data found two large and highly conductive base metal targets. The company's flagship asset is the Lulo mine, in Angola.
Yahoo
21-03-2025
- Business
- Yahoo
Lucapa Diamond secures majority stake in Lulo JV in Angola
Australian Securities Exchange (ASX)-listed diamond miner Lucapa Diamond Company has announced the finalisation of its mineral investment contract (MIC) for the Lulo joint venture (JV) in Angola, increasing its stake in the JV to 51%. The contract is now pending a formal signature by the Angolan Ministry of Mineral Resources and Petroleum. The Lulo JV focuses on the exploration of kimberlites at the Lulo concession in Angola. The MIC was proposed to increase Lucapa's interest in the Lulo JV from 39% to a majority stake of 51%. The finalisation of the contract was achieved after a three-day meeting in Angola, where the MIC Committee and JV partners Endiama, Rosas & Petalas and Lucapa agreed on the outstanding details. Lucapa managing director and CEO Alex Kidman said: 'Securing a majority stake of the Lulo exploration JV is a pivotal outcome for Lucapa because it will deliver us an increased share of any exploration success and the finalisation of the new MIC is something a number of our shareholders have been awaiting for a long time. 'The progress with the MIC shows Angola's commitment to Lucapa and to Lulo, as one of the highest profile diamond projects in the country and we look forward to continuing to work with our partners to find the source of Lulo's incredible diamonds.' Currently, the Kimberlite bulk sampling programme is under way at the Lulo concession, with stockpiling of a sample from L130/01. The programme is also preparing to process samples from other promising sites including L349, L137 and L130. In May 2024, Lucapa Diamond announced plans to offload a 70% interest in the Mothae diamond mine in Lesotho. "Lucapa Diamond secures majority stake in Lulo JV in Angola" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
