Australian company invests in expanding diamond mine in Angola

17 May 2016

Australia’s Lucapa Diamond Company plans to invest US$7 million in the expansion of the Lulo mining concession in Angola, which has extracted some of the largest diamonds ever found in the country, the company said in a statement.

The company said that the funds will be invested in the purchase of earthmoving equipment, vehicles for use both in alluvial mining programmes and kimberlites, and for the introduction of several improvements to existing facilities.

The Lucapa Diamond Company has a 40 percent stake and is the operator of the Lulo mining company, and its partners are Angolan state diamond company Endiama, with 32 percent and Rosas & Petalas, with the remaining 28 percent.

The Lulo diamond project, where the Lucapa Diamond Company recently found the largest diamond ever discovered in Angola, with 404.2 carats, is 150 kilometres from Catoca, the world’s fourth largest diamond mine. (macauhub/AO)