Lucapa pockets another $2.9m from gem sales

Tuesday May 19, 2015: Lucapa Diamond Company (LOM) continues to ramp-up the cashflow from its Lulo alluvial diamond mining operation in Angola, selling a fourth parcel of gems for $2.9 million.

Lucapa said it received "an exceptional average price" of A$1870 a carat for the 1539-carat parcel - more than 12 times the average global diamond sale price.

Lucapa has now generated A$9.7 million from the sale of four parcels of Lulo diamonds totalling 3856 carats, representing an average overall sale price of more than A$2500 a carat.

The latest sale included a spectacular and extremely rare 63.05-carat Type IIa D-colour diamond.

Lucapa says it is on track to be cashflow positive by the end of this quarter. "We hope to be in a position to offer our next parcel of Lulo diamonds for sale in June 2015 in line with our strategy of generating sustainable long-term cashflows from regular diamond sales," Lucapa chief executive Stephen Wetherall said.


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