DiamondBuzz
Lucapa Secures Majority Stake in Angola’s Lulo Mine
Lucapa Diamond Company, an Australian Securities Exchange (ASX)-listed diamond miner, has finalized its mineral investment contract (MIC) for the Lulo joint venture (JV) in Angola, increasing its stake in the project to 51%. The contract is now awaiting formal signature by the Angolan Ministry of Mineral Resources and Petroleum.
The Lulo JV, which focuses on exploring kimberlites at the Lulo concession, has seen Lucapa raise its ownership from 39% to a majority share. The contract finalization followed a three-day meeting in Angola, where Lucapa, along with JV partners Endiama, Rosas & Petalas, agreed on the remaining details.
Lucapa’s Managing Director and CEO, Alex Kidman, commented on the development, stating: “Securing a majority stake in the Lulo exploration JV is a critical milestone for Lucapa, as it will provide us with an increased share of any exploration success. The finalization of the MIC is something our shareholders have long awaited. This progress highlights Angola’s commitment to Lucapa and to the Lulo project, one of the most prominent diamond ventures in the country. We’re excited to continue working with our partners to uncover the source of Lulo’s extraordinary diamonds.”
Currently, the kimberlite bulk sampling program is underway at the Lulo concession, with stockpiling of samples from L130/01. Additional samples are being prepared from promising sites, including L349, L137, and L130.
Earlier in May 2024, Lucapa Diamond announced plans to divest a 70% interest in its Mothae diamond mine in Lesotho.
DiamondBuzz
Diamond Slump forces Debswana to diversify into copper, platinum and solar
Diamond-centric mining models is giving way to broader resource portfolios
Debswana Diamond Company, the 50–50 joint venture between the Botswana government and De Beers, is moving to diversify into copper, platinum and renewable energy as the prolonged downturn in natural diamond demand pressures earnings and forces the industry to rethink its growth strategy.
The company’s board has approved plans to invest in a portfolio of non-diamond projects after revenue fell 46% in 2024, the latest available financial year, highlighting the scale of the downturn in the global diamond market.
The move signals a strategic shift toward commodities with stronger long-term demand fundamentals, particularly copper, which is central to global electrification and energy-transition infrastructure.
Debswana’s diversification reflects a broader industry pivot as diamond producers confront weak consumer demand, rising competition from lab-grown stones and elevated inventories across the supply chain.
The shift is also visible among smaller exploration companies. Botswana Diamonds recently rebranded as Botswana Minerals, signalling its own strategic focus on copper exploration rather than diamonds.
Together, these moves underscore a growing consensus across the sector: the era of diamond-centric mining models is giving way to broader resource portfolios anchored in energy-transition metals.
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