Angola's second-largest diamond discovered by Australian firm

A 227-carat diamond, the second-largest ever found in Angola, has been discovered at the Lulo Diamond Project mine east of the capital Luanda, Australian miner Lucapa Diamond <LOM.AX> said on Monday.

Lucapa, along with Angolan state firm Empresa Nacional de Diamantes E.P., co-own the mining concession.

A 404-carat stone was discovered in 2007, Lucapa said.

"The recovery underlines the significant potential of the Lulo Kimberlite drilling programme," the Australian company said in a statement.

Angola is the world's fourth-largest diamond producer by value. It is keen to find alternative exports to oil, following a sharp drop in global crude prices over the last two years which has forced it to borrow to cover a shortfall in revenue.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)