MOTHAE KIMBERLITE PROJECT

Lucapa owns 70% of the high-value Mothae kimberlite project in Lesotho in partnership with the Government of the Kingdom of Lesotho (30%).

Mothae is a well-defined kimberlite pipe with a surface area of ~8.8 hectares.  The pipe has a JORC classified diamond resource of +1 million carats (to a depth of 300m) at an average modelled diamond value of US$1,063 per carat (Refer ASX announcement 24 March 2017).

Mothae is located in the diamond-rich Maluti Mountains within 5km of Letseng, the world’s highest US$ per carat kimberlite diamond mine.

Lucapa commenced the commissioning phase for the new 1.1Mtpa Mothae diamond plant in October 2018. First commercial diamond production is scheduled for November 2018, complementing the high-value diamond production from the Lulo mine operated by Lucapa in Angola.

Like Letseng, trial mining and more recent bulk sampling has demonstrated Mothae to be a source of large and premium-value diamonds.

During the trial mining phase at Mothae, more than 23,000 carats of diamonds were recovered from ~600,000 tonnes of processed kimberlite material. This included 96 diamonds larger than 10 carats and individual stones of up to 254 carats. These diamonds were sold for US$17 million, with individual stones achieving sale prices of up to US$57,000 per carat.

Mothae has a new 10 year mining licence, which has an automatic right of renewal for a further 10 years.