Luanda: The Angolan Minister of Mines and Geology has formally approved a new kimberlite exploration licence for the Lulo Diamond Project – known for yielding large, type-IIa diamonds, which account for less than 1% of global supply – operated Australian diamond miner Lucapa.

The new kimberlite exploration licence is for a period of five years and covers the entire 3,000 square km concession. This will enable the firm and its partners in the venture – the country’s national diamond company Endiama, and Rosas & Petalas – to finalize a mineral investment contract, which will include a detailed plan of exploration activities for the five-year period, Lucapa said. According to mining.com, the company’s stock closed 2.1% higher at 0.48, which bring its annual gains to more than 71%.

The announcement follows last week’s announcement that Lucapa’s XRT large diamond recovery circuit is now fully operational, and the kimberlite exploration program has been stepped up in anticipation of the new licence, with two drill rigs operational at the target and a third drill rig due to arrive in Angola in December.