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Lucapa Diamond Company advancing Mothae acquisition

Lucapa plans to bring Mothae into production within 12 months.

Mothae Kimberlite Project

Lucapa Diamond Company (ASX:LOM) is in the process of advancing the acquisition of an interest in the advanced Mothae Kimberlite Diamond Project in the African country of Lesotho.

Lucapa signed an agreement with the Government of the Kingdom of Lesotho to acquire a 70% interest in Mothae Diamonds (Pty) Limited (MDL), which holds the mining licence and other assets related to Mothae.

Most recently, Lucapa has been registered as a 70% shareholder in MDL and has appointed its representatives to the board of MDL.

These actions follow the issuance to MDL of a new 10-year mining licence for Mothae.

With these conditions precedent met, Lucapa has paid the first US$400,000 payment to the Government of the Kingdom of Lesotho for its 70% interest in MDL.

Lucapa has engaged independent consultants to convert the Canadian NI43-101 Mothae diamond resource to JORC 2012 compliant standards.

This work is expected to be completed shortly.

Mothae Kimberlite Diamond Project

The project is located in the advanced high-value Mothae kimberlite pipe in Lesotho.

Mothae is located within 5 kilometres from Letšeng, the world’s highest $ per carat kimberlite diamond mine.

Similar to Lucapa’s flagship Lulo diamond operation, Mothae has produced large and premium-value diamonds, including Type IIa stones.

Lucapa plans to bring Mothae into production within 12 months under a low-cost, staged development plan.

Quick facts: Lucapa Diamond Company

Price: 0.078 AUD

Market: ASX
Market Cap: $50 m

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