Lipari’s roots start in the northeast of Brazil with the development of its Braúna diamond mine, wholly owned by our Brazilian subsidiary Lipari Mineração Ltda. The Braúna mine is Brazil’s largest diamond producer, representing 93% of Brazil’s natural diamond production in 2021.
Lipari’s current management group first acquired the Braúna kimberlites in 2005, when the group operated under the corporate banner of Vaaldiam Resources Ltd., a Canadian-listed diamond producer (TSX) which had producing alluvial diamond mines in the States of Minas Gerais, and Mato Grosso, Brazil. Through Vaaldiam, the group invested over US$28 million in the exploration and development of the Braúna kimberlites. In 2012 Vaaldiam was subject to a take-over by Osisko Gold Royalties, and the ownership of the Braúna mine was transferred to the current management group in exchange for a 1% royalty on future diamond production. Following this transaction, US$61 million was invested in the development and construction of the Braúna mine. The mine commenced commercial production in July 2016, and as of December 31, 2021, has produced 943,506 carats of natural rough diamonds.
In January 2022, Lipari signed an agreement to acquire the rights to develop the Tchitengo Property which is situated along the border between the Lunda Norte and Lunda Sul provinces of northeastern Angola. The property encompasses 30 kimberlites, including 2 kimberlites that have reached an advanced stage of development. The 10.6-hectare Tchiuzo kimberlite was developed to a pre-feasibility phase of development by Sociedade Mineira de Catoca (“SMC”) during the period 2006 through 2013. The 10-hectare Tchegi-38 kimberlite was discovered by BHP Billiton in 2008 and reached the bulk sampling stage of development.