Lipari Moves into Angola with New 23 Million-Carat Diamond Mine

71.07-carat rough diamond from Lipari Mining image

Lipari Mining has taken a 75% stake in Angola’s Tchitengo Diamond Project, expecting the main Tchiuzo kimberlite pipe to produce 23.1 million carats of rough over its lifespan based on a new estimate. 

The Canada-based company’s new mineral resource estimate for the project shows 14.6 million carats in indicated diamonds, meaning tests have confirmed their presence. The plan also includes 8.5 million carats of inferred goods. The existence of other known diamonds gives reason to assume they are there, the company explained last week. The miner had South Africa’s Z Star Mineral Resource Consultants independently estimate the asset.  

“This…mineral resource estimate marks a major milestone for Lipari as we execute our growth strategy in Angola,” said Lipari CEO Ken Johnson. “With this robust initial resource at Tchiuzo and a strong foundation of historical work, we now have a clear path forward to advance the project to feasibility. This resource helps unlock significant long-term potential and reinforces our belief in the broader Tchitengo kimberlite field, where 30 pipes have already been identified.” 

The miner will begin a bulk sampling program at Tchiuzo in the third quarter and will set up a processing plant to support bulk sampling, it noted. Lipari’s goal is to recover over 5,000 carats of rough to properly determine the current market value of its diamonds. The company will also continue its evaluation of other kimberlites identified near the main pipe.  

The Tchitengo project lies 19 kilometers north of the Catoca mine, Angola’s largest diamond deposit. 

Lipari also owns the Braúna diamond mine in Brazil, from which it recovered 25,295 carats in the first quarter that ended March 31, an increase of 84% over the same period the previous year. During the three months, the company brought in $3.7 million in revenue from the sale of 22,524 carats, at an average price of $163 per carat. That total included a high-value, 71.07-carat rough, Lipari explained. At the end of the quarter, the company had 23,307 carats remaining in its inventory. 

Image: The 71.07-carat rough diamond. (Lipari Mining)

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Lipari Moves into Angola with New 23 Million-Carat Diamond Mine

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