PERTH (miningweekly.com) – ASX-listed diamond miner Lucapa has reported gross proceeds of $7.4-million from its seventh sale of alluvial diamonds from the Lulo diamond project, in Angola.
The company said that it had sold 3 214 ct in the last tender at an average of $2 298/ct.
The latest sale brings gross proceeds for 2017 to $24.3-million, with sales prices averaging $1 640/ct.
Meanwhile, Lucapa MD and CEO Stephen Wetherall told delegates at the Africa Downunder conference, in Perth, that the company was targeting production at its recently acquired Mothae mine, in Lesotho, by the second quarter of 2018.
Wetherall noted that an optimised development plan was currently being developed for the Mothae project, which would be submitted to the board.
Lucapa previously tipped a phased development approach for the Mothae kimberlite project to generate early cash flow.
Under Phase 1, Lucapa will process some two-million tonnes of mainly weathered, near-surface kimberlite material at a rate of 720 000 t/y, over the first three years of operation. The Phase 2 development plan will only be implemented once Phase 1 has been fully commissioned.