This strategic move will see the Australian miner’s interest in the exploration project increase from 39% to 51%, offering a significant boost to its involvement in the venture.
Currently, the Lulo Kimberlite Exploration Joint Venture is majority-owned by Endiama, Angola’s state-run diamond company, with a 51% stake. Rosas & Petalas, a private Angolan company, holds the remaining 10%. Lucapa’s acquisition of an additional share from the Angolan government will reshape the ownership structure, making Lucapa the controlling stakeholder by early 2025.
The joint venture is dedicated to identifying kimberlite sources within the vast Lulo concession, a site renowned for producing some of the world’s highest-value alluvial diamonds. The Lulo mine itself is owned separately by Lucapa (40%), Endiama (32%), and Rosas & Petalas (28%).
Alex Kidman, Lucapa’s Managing Director and CEO, expressed optimism about the ongoing negotiations. “The committee has made strong progress and is on track to finalise the revised agreement in the new year,” Kidman stated. “This is an important development for Lucapa because it will increase our share of the diamond exploration venture to 51%, giving Lucapa significantly more exposure to exploration success.”
This anticipated milestone underscores Lucapa’s commitment to expanding its footprint in diamond exploration and enhancing its stake in one of the industry’s most promising ventures. As the revised agreement approaches finalisation, the company is poised to strengthen its position within the global diamond market.
