Lucapa signed an agreement with the Government of the Kingdom of Lesotho to acquire a 70% interest in Mothae Diamonds (Pty) Limited (MDL), which holds the mining licence and other assets related to Mothae.
Most recently, Lucapa has been registered as a 70% shareholder in MDL and has appointed its representatives to the board of MDL.
These actions follow the issuance to MDL of a new 10-year mining licence for Mothae.
With these conditions precedent met, Lucapa has paid the first US$400,000 payment to the Government of the Kingdom of Lesotho for its 70% interest in MDL.
Lucapa has engaged independent consultants to convert the Canadian NI43-101 Mothae diamond resource to JORC 2012 compliant standards.
This work is expected to be completed shortly.
Mothae Kimberlite Diamond Project
The project is located in the advanced high-value Mothae kimberlite pipe in Lesotho.
Mothae is located within 5 kilometres from Letšeng, the world’s highest $ per carat kimberlite diamond mine.
Similar to Lucapa’s flagship Lulo diamond operation, Mothae has produced large and premium-value diamonds, including Type IIa stones.
Lucapa plans to bring Mothae into production within 12 months under a low-cost, staged development plan.