Lulo Diamond Mine Sees Continued Success: A Glimmering Future for Angola’s Gem Industry
In a promising update for Angola’s diamond mining sector, the Lucapa Diamond Company announced that the rough resources from its Lulo mine have surged by an impressive 9% in 2024. This marks the seventh consecutive year of growth for the esteemed site, reflecting not only the mine’s enduring value but also its significance to Angola’s economy and reputation as a diamond-producing nation.
As of December 31, 2024, Lulo’s rough diamond resources were estimated at a remarkable 249,000 carats, up from 228,400 carats the previous year. This figure, indicative of the diamonds that hold economic extraction potential, underscores Lulo’s status as a critical player in the global diamond market. The independent examination by South Africa’s respected Z Star Mineral Resource Consultants reassures stakeholders of the mine’s viability and enduring promise.
Despite a slight dip in estimated value per carat—from ,897 in 2023 to ,581 in 2024—Lulo’s production continues to impress. The company reported a diamond grade of 4.30 carats per 10 cubic meters, with projections indicating an 11% increase in the expected number of recoverable diamonds, now totaling approximately 201,100. Additionally, the average size of the rough diamonds remained strong at 1.24 carats per stone, a slight decrease from 1.26 carats the previous year.
Interestingly, the increase in resources does not extend the operational timeline of the Lulo mine beyond the eight years previously announced. In 2024 alone, Lulo achieved diamond sales of .5 million, boasting an average price of ,980 per carat. This performance highlights Lulo’s critical role in contributing to Angola’s economic growth and positioning the country as a rising star in the global diamond industry.
With this ongoing success, Angolan diamond mining not only enriches the economy but also serves as an attractive opportunity for investment. As the country continues to harness its rich natural resources, it’s worth keeping an eye on future developments from Lulo and other mines across Angola.
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