The Lulo Diamond Project is located in the Republic of Angola, which ranks as the world’s fifth biggest producer of diamonds by value.
Since being elected in 2017, new Angolan President João Lourenço has been a strong advocate of encouraging more foreign investment to expand diamond production in Angola, including recent moves to streamline the repatriation of dividends by foreign companies.
Introduced in 2011, Angola’s new Mining Code 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, while Angola remains a strategic focus for De Beers.
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.