Published On: Mon, Feb 15th, 2016

A mining company found a 400-carat diamond and now its shares are going wild

The diamond worth more than $20 million.



An Australian mining company has just announced the discovery of an enormous 400-carat diamond, and its shares are going wild.

The find – the biggest diamond ever unearthed in Angola – was announced by the Perth-based Lucapa Diamond Company. A short time ago, the company’s shares were up 32% to $0.425.

The gem is 404.2 carats, or about 80 grams, in weight and is the fourth 100+ carat diamond recovered from the Lulo diamond project in Angola’s Lunda Norte province. The diamond worth more than $20 million.

The diamond is the 27th biggest recorded in the world and the biggest discovered by an Australian company.

The previous record for Angola’s largest diamond belonged to the Angolan Star, a 217.4 carat gem recovered in 2007.

Read the full story at Business Insider Australia, by Chris Pash



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