SourcingMay 20, 2024
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Lucapa to Shed Stake in Lesotho Diamond Mine
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Miner Lucapa Diamond Co. is looking to sell its 70 percent stake in the Mothae Diamond Mine in Lesotho, a small, landlocked kingdom encircled by South Africa.
Subiaco, Western Australia—A diamond mining company with operations in Angola and Lesotho is looking to divest from one of its mines.
Lucapa Diamond Co. Ltd. announced Wednesday that it is looking to offload its stake in the Mothae Diamond Mine, which is 70 percent owned by Lucapa and 30 percent owned by the Lesotho government.
Located in the country’s Maluti Mountains, Mothae is an open-pit mine that began commercial operations in 2019.
It is known for producing large high-value diamonds that, according to Lucapa, command the second-highest dollar-per-carat price for kimberlite diamonds worldwide.
In addition to Mothae, Lucapa holds a 40 percent stake in the Lulo alluvial diamond mine in Angola, with the remaining 60 percent split between state-owned Endiama and Rosas & Petalas, a private company.
Lucapa also has the Merlin Diamond Project in Australia’s Northern Territory, where it is conducting feasibility studies, and is exploring for diamonds in Botswana and Western Australia.
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Lucapa Diamond Co. Ltd. announced Wednesday that it is looking to offload its stake in the Mothae Diamond Mine, which is 70 percent owned by Lucapa and 30 percent owned by the Lesotho government.
Located in the country’s Maluti Mountains, Mothae is an open-pit mine that began commercial operations in 2019.
It is known for producing large high-value diamonds that, according to Lucapa, command the second-highest dollar-per-carat price for kimberlite diamonds worldwide.
In addition to Mothae, Lucapa holds a 40 percent stake in the Lulo alluvial diamond mine in Angola, with the remaining 60 percent split between state-owned Endiama and Rosas & Petalas, a private company.
Lucapa also has the Merlin Diamond Project in Australia’s Northern Territory, where it is conducting feasibility studies, and is exploring for diamonds in Botswana and Western Australia.
“On review, it is clear the company should streamline the portfolio to focus on our core assets in Africa and Australia,” said Lucapa Chairman Stuart Brown.
“The company’s collaboration with the Lesotho government on the Mothae Diamond Mine has been rewarding and our management has worked exceptionally well to optimize the plant to recover large diamonds. We expect there will be significant interest from those within the diamond industry and on a wider scale.”
The Lucapa board said the divestment process is a priority and it plans to update the market in the coming weeks.
The company is finalizing a data room that contains information about Mothae for parties that are interested in purchasing its stake in the mine.
Lucapa’s announcement about its intentions for Mothae came the same week that one of the world’s largest mining companies, Anglo American, also announced plans to streamline its business by divesting.
Anglo is looking to sell off four of its businesses, including De Beers Group and Anglo American Platinum.
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