Lucara accepts $ 220 million debt financing for Karowe mine expansion

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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, ”said 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.

“It 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. “

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.


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