126 Carat Diamond is First Large Recovery at Lucapa’s Mothae

The gem-quality 126 carat diamond is the largest high-quality gem ever recovered from the Mothae kimberlite site.

Australia-listed diamond explorer Lucapa Diamond (ASX:LOM) has unearthed the first diamond over 100 carats from its Mothae mine in Lesotho.

The gem-quality 126 carat diamond is the largest high-quality gem ever recovered from the site.

The project, which came into commercial production in January, is Lucapa’s second major operation on the continent. The company’s Lulo mine in Angola has produced more than a dozen record-setting diamonds; most recently, a 130 carat stone was found there.

While the latest stone is the largest gem-quality stone discovered by Lucapa at the site, it is the sixth gem recovered weighing more than 50 carats since pre-production bulk sampling began in 2018.

The Mothae project is a joint venture between Lucapa, which holds 70 percent, and the government of the Kingdom of Lesotho, which possesses the remaining 30 percent.

Commenting on the find, Lesotho Minister of Mining Keketso Sello noted that the recovery is evidence of Lesotho’s robust diamond resources.

“Lesotho is very proud of its international reputation as a producer of large and high-quality diamonds and this latest recovery from our newest mine, Mothae, continues to demonstrate our nation’s great potential,” said Sello.

Not far from the Mothae mine is the Letseng asset, considered the world’s highest kimberlite diamond mine in terms of US dollars per carat. It is owned by Gem Diamonds (LSE:GEMD,OTC Pink:GMDMF) and has produced pink and blue diamonds in the past.

Since commencing commercial production in early 2019, Mothae has produced 138 diamonds weighing 4.8 carats or more, including 42 specials and rare Type IIa and IIb diamonds.

“We are delighted to have recovered our first +100 carat stone so early in our commercial mining campaign at Mothae, along with other rare Type IIa and fancy colored gems, and look forward to unlocking the true value of this mine over the next decade and beyond,” said Managing Director Stephen Wetherall in a company announcement.

Shares of Lucapa sat flat on Monday (May 27), trading at AU$0.14.

Image courtesy of Lucapa Diamond.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi

Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the “Funding Plan”) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion 1 , building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:

Keep reading... Show less

Rio Tinto Exploration and Calibre Mining Initiate 2021 Exploration Program Including 5,500 Metre Drilling Campaign Prioritizing Prospective Near-Surface Copper and Copper-Gold Mineralization

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to provide an update on the Borosi exploration project held under an earn-in option agreement between Rio Tinto Exploration (LSE:RIO) (“RTX”) (“Rio Tinto”) and Calibre. Calibre controls a 100% interest in the Borosi concessions located in the prolific Mining Triangle region of northeastern Nicaragua. RTX has the right to earn a 75% interest by spending US$45 million over eleven years in the project ( see Calibre news release dated February 24, 2020 ). The Borosi exploration program is being directed by RTX through a partnership agreement with Calibre as project operator.


Keep reading... Show less

FDA Approves Trodelvy®, the First Treatment for Metastatic Triple-Negative Breast Cancer Shown to Improve Progression-Free Survival and Overall Survival

Trodelvy Significantly Reduced the Risk of Death by 49% Compared with Single-Agent Chemotherapy in the Phase 3 ASCENT Study –

– Trodelvy is Under Regulatory Review in the EU and in the United Kingdom, Canada, Switzerland and Australia as Part of Project Orbis

Keep reading... Show less

Rio Tinto details $47 billion 2020 economic contribution, including $8.4 billion of taxes and royalties

Rio Tinto today released its 2020 Taxes paid: Our economic contribution report , which shows the company made a total direct economic contribution of $47 billion in the countries and communities where it operates, including $8.4 billion of taxes and royalties.

Despite the widespread challenges of COVID-19 in 2020, the contribution was up from the previous year, when Rio Tinto made a total direct economic contribution of $45.1 billion in the countries and communities where it operates, including $7.6 billion of taxes and royalties.

Keep reading... Show less

Top News

Related News