Australian mining company operating in Angola sells diamonds mined in Lunda Norte

1 August 2013

The Lucapa Diamond Company has sold 496.2 carats of diamonds mined in Angola providing gross income of US$2.875 million and net income of US$2.486 million, the Australian company said in a statement issued Wednesday.

The sale of the diamonds was carried out Friday by Sodiam, a subsidiary of state diamond company Endiama, and the company listed on the Australian stock exchange plans to use the funds raised to re-launch activities at its mining concession in Lulo, including test drilling in a kimberlite.

The concession of the Lucapa Diamond Company, previously called Lonrho Mining, covers an area of 3,000 square kilometres in Lunda Norte province some 150 kilometres west of the Catoca diamond mine, which is calculated to contain 170 million carats of diamonds and is operated by Russia’s Alrosa.

The concession granted to the Australian company was extended last March for a further two years until June 2025. (macauhub)