AMN - ANGOLA: $7 million investment to upgrade Lulo mine

Lucapa Diamond Co will invest Au$7 million in the coming months to upgrade its Lulo mine in Angola, which has yielded major gems in the past six months. Lulo is located 150km from Alrosa's Catoca mine, the world's fourth largest diamond mine and about 700km east of the capital Luanda.

The plans include new earthmoving equipment, new equipment for the alluvial and kimberlite exploration programs, as well as camp upgrades.

This investment comes as Lucapa and its joint venture partners, state-owned diamond company Endiamaand private partner Rosas & Petalas, have officially incorporated Soc Mineira do Lulo (SML).

The project primarily hosts type-2a diamonds which account for less than 1% of global supply. Lucapa holds a 35-year licence for the mine, which recently yielded a 404.2-ct white diamond that, according to Lucapa, is the largest diamond ever recovered in Angola and the biggest diamond ever found by an Australian company.

www.lucapa.com.au

News courtesy of International Mining