Lucapa secures finance for diamond mine

LUCAPA Diamond Company has secured a $US15 million financing facility to develop Phase 1 of its Mothae kimberlite diamond mine in Lesotho, Southern Africa.

The debt facility has been entered with Singaporean company Equigold and is repayable in eight quarterly payments from December 2018, when Lucapa plans to be in “steady state” production.

“This facility ensures that the company, together with the Government of Lesotho, will bring Mothae on stream in 2018, adding a second cash producing asset and high-value producing mine to the group that will complement the top-quality diamond production from Lulo,” Lucapa managing director Stephen Wetherall said.