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Lucapa updates Lulo diamond resources after 15 months of mining depletion

Total carats at the Lulo diamond mine in Angola dropped to 48,200 as of Jan. 31, down from the initial estimate of 51,000 carats as of Oct. 31, 2015, 40%-owner Lucapa Diamond Co. Ltd. said March 27.

Lulo is a joint venture with Endiama EP owning 32% and Rosas & Petalas SA holding the remaining 28%.

The company noted that resources have increased 10% in volume from the initial resource, notwithstanding mining depletion, to 606,600 cubic meters.

The updated estimate also includes a 54% increase in the average modeled diamond value, to US$1,246 per carat, representing increased revenues.

Lulo is expected to continue alluvial mining operations for another four years at a rate of 20,000 bulk cubic meters per month.