Ver Angola

Raw Materials

Australian Lucapa wants to sell stake in mine in Lesotho to focus on Angolan Lulo mine

The Australian Lucapa Diamond Company intends to sell its 70 percent stake in the Mothae mine, located in Lesotho, with the aim of turning its focus to its assets in Australia and Angola, namely the Lulo mine (in the province of Lunda North), where several 'giant' diamonds have already been discovered, including one weighing more than 400 carats.


According to Stuart Brown, president of the Australian company, after carrying out an analysis, the company wants to "simplify its portfolio" in order to "concentrate" on assets in Africa and Australia.

"Upon analysis, it is clear that the company must simplify the portfolio to focus on our core assets in Africa and Australia. The company's collaboration with the Government of Lesotho at the Mothae Diamond Mine has been rewarding and our management has worked exceptionally well to optimize the factory to recover large diamonds. We hope that there will be significant interest from those within the diamond industry and on a broader scale", he said, quoted in a company statement, to which VerAngola had access.

The company explains, in the note, that it is considering "all options for the divestment of its 70 percent stake" in the Lesotho mine and that it is "discussing options with the Government of the Kingdom of Lesotho, the 30 percent in the mine", leaving the promise to update the market in the coming weeks.

For now, the amounts involved in this possible deal are not known, nor what use the company will make of the possible funds, however, the amount could be invested in the company's other assets, including Lulo.

It should be remembered that the Lulo mine has been in commercial production since 2015, and the following year a 404-carat diamond was extracted from this mine, considered the largest ever, as well as one of the largest in the world, which made it possible to create a jewel that was sold to Grisogono for 33 million dollars.

Since the start of this mine, Lulo has been in the news with some regularity. The five largest diamonds produced in the country came from this mine, and another of the milestones recorded in Lulo dates back to 2022, the year in which Lucapa announced the discovery of a 170-carat pure pink diamond in the mine, believing it to be the largest discovered in the last 300 years.

This year, Lulo has also proven its wealth. Its most recent discovery was in March, with the extraction of a diamond weighing 203 carats.


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