Lucapa Diamond Mine Could Rival Catoca

Bloomberg reported that in the next two years, Lucapa Diamond Company Ltd. (ASX:LOM) plans to start an Angolan diamond mine that could be more valuable than the Catoca mine, currently the biggest gem producer in the country.

As quoted in the market news:

The Lulo deposit about 700 kilometers (435 miles) east of Luanda, the capital, could be even more valuable than Catoca, the world’s fourth-largest kimberlite mine, judging by stones that fetch an average of A$6,960 ($6,533) a carat Lucapa Managing Director Miles Kennedy said. That compares with about $100 a carat that Catoca gems bring.

Kennedy commented:

Beyond doubt from what has washed off the kimberlites into the ancient river channels suggests that the prize once farmed and delivered is going to be substantial. This is a long, scientific game and we’re not trying to over-promote it at this stage, but the early finds are definitely there.

Click here to read the full Bloomberg report.