- Global Markets: LNG Buyers in Asia Look to Resell Supply
- Global Oil & Gas: EU Rules on Methane Curbs May Boost LNG Industry - Exxon
- Global Oil & Gas: Venture Global Accused of Reneging on LNG Contracts for Europe
- Global Oil & Gas: Oil Unchanged as Market Struggles for Direction
- Energy Transition: Projections of peak oil, gas, and coal demand before 2030 deemed ‘extremely risky and impractical’
Angola: Lucapa nearly doubles diamonds resources
Diamond miner Lucapa Diamond Company has reported a 90% increase in its diamond resource carats at its Lulo operation, in Angola, on the back of an independent valuation.
The company on Thursday told shareholders that external consultants Z Star Mineral Resource Consultants has estimated that the in-situ resource at Lulo stood at 80 400 ct.
This resource estimate did not include the more than 30 000 ct already recovered at Lulo over the last 19 months of mining, which sold for about $62-million.
Additionally, the average carat value for the Lulo diamonds has also increased by 17%, compared with the previous modeled estimate, Lucapa MD Stephen Wetherall said.
“Together with the significant positive diamond marketing reforms introduced in Angola, enabling producers like Lulo to achieve international market prices for their diamonds, the near doubling in in-situ resource carats in the upgraded Lulo diamond resource supports the Lulo partner’s plans to increase alluvial production in 2019,” Wetherall said.source: Creamer Meadia