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(Kitco News) – African miner Lucara Diamond (TSX: LUC) announced Monday that it has secured US $ 220 million in project funding.
The funds will be used for the Karowe underground expansion project.
Lucara is delighted to move forward with a fully funded underground expansion project, extending the life of the Karowe mine to at least 2040 and predicting to generate at least US $ 4 billion in revenue. additional by using conservative diamond price assumptions, âsaid Eira Thomas, President and CEO. .
“Obtaining credit commitments for the establishment of senior debt facilities of US $ 220 million from five leading international financial institutions, with significant backgrounds and experience in mining and metals and experience in Africa, is a significant achievement for Lucara and reflects confidence in the great stone resource of Karowe. and the considerable efforts undertaken over the past five years to assess and define this attractive and highly economical growth opportunity for the company.
âIt also reflects the confidence in the strong, safe and reliable operating environment that has prevailed at Karowe over the past eight years, adhering to high ESG standards and striving to deliver economic benefits. long term in Botswana and the communities in which we The development of the underground expansion project will meet all required environmental regulations and comply with Equator Principles. “
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