A Perth-based company has struck paydirt inSouthern
Africa, finding a diamond worth more than $20 million.
Lucapa Diamond Company found the massive 404-carat diamond at
its Lulo Diamond Project in Angola's Lunda Norte province, in the country's
north-east.
Continue reading after the cut............
Continue reading after the cut............
It is the biggest diamond ever found in Angola.
Lucapa chairman Miles Kennedy said it was a huge achievement.
"When we first looked at the property, 3,000 square
kilometres of untouched ground, 700 kilometres inland from the coast, you are
talking about a very, very remote area," he said.
"The results today are a wonderful vindication of eight
years of pretty hard work.
"It's the biggest diamond ever recorded from the country of
Angola and it's the biggest diamond ever recovered by an Australian diamond miner.
"So, we have hit a number of firsts finding this
diamond."
He said the "spectacular" white diamond, which was
considered to be of excellent quality, could be valued at more than $20
million.
"We're not used to valuing 400-carat diamonds, but if we
look at other diamonds slightly less weight than this, you're looking in the
order of $20 million," Mr Kennedy said.
Mr Kennedy has a long history of searching for diamonds, having
set up the Ellendale diamond mine in Western Australia's Kimberley in the early
1990s.
He took his geology team from the Ellendale mine to Angola when
he set up Lucapa.
"I started the Ellendale diamond mine and was there from
1993 to 2007, so 14 years, and in that time we only got one diamond greater
than 10.8 carats, known as a special diamond," Mr Kennedy said.
"With this company in Angola, we have now found over 100 of
these special diamonds in the last six months."
He said the huge cash injection from the diamond sale would
allow the company to expand its operations in the area.
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