The company also announced that it has also agreed to the key terms of A$4.5m (3.45m) funding deal to buy new Caterpillar earthmoving fleet.
With the help of the new Caterpillar earthmovers, the company will be able to speed up its mining operation to 20,000 bcm per month ahead of its schedule.
The Caterpillar equipments will include three 740B trucks, one 374F LR excavator, one 140M grader and a D8R bulldozer.
Lucapa plans to use its existing earth moving fleet to achieve its first phase of its diamond-mining target of processing of 10,000 bcm of diamond-bearing alluvial gravels per month at Lulo plant in Angola.
The new fleet is expected to help the company achieve the target of 20,000 bcm/month during Phase 2.
Lucapa chief executive officer Stephen Wetherall said: "Since we signed the term sheet for the original US$15 million financing proposal back in January 2015, we have made significant funding progress.
"Lucapa has raised A$4.8 million in fresh equity via a share placement and the Lulo partners have continued to recover high value diamonds which have sold for A$3.7million, leaving the project well-funded."
Image: Diamond mining operations at Lulo. Photo: courtesy of Lucapa Diamond Company.
