Lucapa finds Lulo mine’s third-largest diamond

Australia’s Lucapa Diamond (ASX: LOM) has recovered a 208 carat diamond at its prolific Lulo mine in Angola, the third-largest ever found at the operation.

The company said the high-quality, type IIa diamond was unearthed at the lizeria, or terrace area, of its Mining Block 31 portion of Lulo, known for delivering high-value stones.

The diamond is also the second 100-carat-plus stone Lucapa retrieved in October, following the recovery of a 123-carat, type IIa rough at the start of the month.

The mine, which hosts the world’s highest dollar-per-carat alluvial diamonds, began commercial production in January 2015. Only a year later, it delivered the largest ever diamond recovered in Angola — a 404-carat white stone later named the “4th February Stone”.

The operation has delivered 39 diamonds weighing more than 100 carats each to date.

Lucapa has a 40% stake in the Lulo mine. The rest is held by Angola’s national diamond company (Endiama) and Rosas & Petalas, a private entity.

Angola is the world’s fifth diamond producer by value and sixth by volume. Its industry, which began a century ago under Portuguese colonial rule, is successfully being liberalized.