SourcingMay 20, 2024
Anglo American Confirms It Is Looking to Sell De Beers SourcingMay 16, 2024
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.
Related stories will be right here …
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.
More on Sourcing
The Latest
CrimeDec 11, 2024
Former Tiffany & Co. Factory Supervisor Sentenced for Stealing Precious Metals A federal judge gave Benjamin Preacher 59 days in jail, plus 10 months of home confinement and two years of supervised release.
GradingDec 11, 2024
IGI Set to Go Public Next WeekIn a CNBC interview, CEO Tehmasp Printer discussed the IPO in India and what declining lab-grown diamond prices mean for the company.
AuctionsDec 11, 2024
Sotheby’s Important Watches Sale Fetches $16.6MThe offering included vintage Rolexes, timepieces worn in “Titanic,” Steve McQueen's watch, and a special Citizen pocket watch.
Brought to you by
Advocacy and Excellence: How Jewelers of America Is Committed to Elevating Our Industry For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
CollectionsDec 11, 2024
Stephanie Gottlieb Brings Natural Diamonds to StudsThe 13-piece “Stephanie Gottlieb x Studs” collection is the piercing studio’s first fine jewelry offering to feature the gemstone.
Weekly QuizDec 05, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsDec 10, 2024
Sauer Opens First U.S. StoreThe Brazilian jewelry brand made a home on New York City’s Madison Avenue with exclusive pieces only available at the location.
SurveysDec 10, 2024
Jewelry Among Top Sellers on Cyber Monday, Says AdobeAn Adobe Analytics report explored the rise in mobile shopping, the popularity of Buy Now Pay Later options, and peak shopping hours.
Brought to you by
Protecting Your Sparkle: Why Screening Has Become Essential While no reputable jeweler would knowingly sell lab-grown stones as natural, it's a growing possibility.
Events & AwardsDec 10, 2024
AGTA Launches Scholarship for University of Arizona Geosciences StudentsThe inaugural Dick Greenwood Memorial Scholarship in Gems Science will cover the fall 2025 and spring 2026 semesters.
Events & AwardsDec 10, 2024
JA New York To Debut 2 New Pavilions at Spring 2025 ShowA Piazza Italia pavilion will feature Italian designers and manufacturers while “MJSA Showcase” brings over a piece of the MJSA Expo.
CollectionsDec 09, 2024
Ray Griffiths’ First Coffee Table Book Spans 5 Decades of Design“Ray Griffiths: The Works” tells the story of the master jeweler’s career, which started with an apprenticeship in Australia at age 15.
MajorsDec 09, 2024
Thomas Davis, Grant Mobley Join WJA Foundation Board Davis is the director of business development at Select Jewelry Inc., and Mobley is the jewelry and watch editor at the Natural Diamond Council.
FinancialsDec 09, 2024
Movado’s Q3 Sales Down 3% Amid ‘Challenging’ EnvironmentThe retailer has been upping its marketing spend to drive revenue growth and brand awareness.
IndependentsDec 06, 2024
After 44 Years in Business, This Wisconsin Independent Is ClosingMike Straub and John Treiber opened Treiber & Straub in 1980 with the goal of bringing Milwaukeeans the best jewelry brands.
TrendsDec 06, 2024
Pantone’s Color of the Year Is a Delicious MousseThe color for 2025, “Mocha Mousse,” embodies thoughtful indulgences and everyday pleasures.
CollectionsDec 06, 2024
Piece of the Week: Cocoerow Fine Jewelry’s ‘Kokoro’ PendantThe Yoruba word for ant, “Kokoro” embodies the strength of womanhood in ant society while highlighting responsible sourcing.
FinancialsDec 06, 2024
Roberto Coin Acquisition Gives Watches of Switzerland a Boost in H1The retailer’s jewelry sales doubled, with branded jewelry performing especially well.
FinancialsDec 05, 2024
Signet Jewelers’ Q3 Sales Slide Amid Slow Engagement Ring Sales, Tech IssuesThe jewelry retailer addressed the lab-grown diamond “disruption,” the price of gold, and its holiday weekend performance.
SurveysDec 05, 2024
Consumer Confidence Rises Again in NovemberA more positive view of the current labor market boosted the Conference Board’s index last month.
Events & AwardsDec 05, 2024
Michael S. Krzemnicki to Receive 2024 Bonanno AwardThe director of the Swiss Gemmological Institute (SSEF) will be honored for his impact on gemology and dedication to advancing the science.
Supplier BulletinDec 05, 2024
Join Us For Color's Premier Show: 2025 AGTA GemFair TucsonSponsored by 2025 AGTA GemFair Tucson
Events & AwardsDec 05, 2024
BIJC Announces 2024 ‘Rock the Jewels’ Awards WinnersAt the annual event, in its second year, the organization honored those making remarkable contributions to the jewelry industry.
TrendsDec 05, 2024
Amanda’s Style File: A Blue, Blue, Blue Month Celebrate December babies with 20 pieces of jewelry featuring this month’s birthstones—turquoise, tanzanite, and zircon.
SurveysDec 04, 2024
In-Store Shopping Outpaced Online Over the Holiday Weekend, Says NRF A total of 126 million consumers shopped in stores over the five-day period, about 5 million more than last year.
Lab-GrownDec 04, 2024
GJEPC Says Indian Trade Will Use FTC-Approved Terminology for Lab-Grown DiamondsThe FTC’s Jewelry Guides require “clear and conspicuous” disclosure when advertising lab-grown diamonds.
AuctionsDec 04, 2024
30-Carat Pink Diamond Fetches $2.6M at BonhamsThe Type IIa, very light pink colored diamond was the highlight of the recent Hong Kong jewelry auction.
CrimeDec 03, 2024
Man Sentenced to Life in Prison for Murder of Florida JewelerJohn Willard Craiger, 83, fatally shot jeweler Ghazi “Gus” Michel Osta following an argument in the store.
