The Karowe Mine on Expansion spree!
Approves US$220 million for the expansion Lucara Diamond Corporation has received credit approved commitments from a syndicate of five Mandated Lead Arrangers for a senior secured project financing debt package of up to US$220 million (the Facilities) to fund the underground expansion at Lucara's 100% owned Karowe Mine in Botswana. The Facilities will include two tranches: A project finance facility of US$170 million to fund the development of the underground project and a working capital facility of US$50 million to support the on-going operation of the Karowe open pit mine. Financial closing of the Facilities is subject to satisfactory completion of definitive documentation, and satisfaction of certain terms and conditions, including appropriate KYC checks. The MLAs are ING Bank NV, Natixis, Societe Generale, London Branch, Africa Finance Corporation and Afreximbank. Eira Thomas, President and CEO commented: "Securing credit commitments for the arrangement of ...