The Lulo Diamond Project is located in the Republic of Angola, which ranks as the world’s fifth biggest producer of diamonds by value.
Angola has been actively encouraging foreign investment in its diamond sector under a new Mining Code introduced in 2011, which no longer includes the requirement for Angola to hold a majority interest in diamond mining projects.
Angola’s potential for world class diamond discoveries is recognised by global diamond mining leaders Alrosa and De Beers. Alrosa is the operator of the world’s fourth biggest diamond mine Catoca, which is located within 150km of Lulo and on the same geological setting (Lucapa Graben). Angola remains a strategic exploration focus for De Beers, which is negotiating for an exploration licence.
Angola is an official signatory of the Kimberley Process Certification Scheme and occupied the position of Chair of the Kimberley Process in 2015.
Angola’s biggest recorded diamond is the 404 carat 4th February Stone recovered at Lulo in February 2016 and which sold for US$16 million.