Lucara recovers pink diamond

Lucara Diamond has recovered a 62.7 carat pink diamond from its Karowe Diamond Mine located in Botswana. According to a press release, the diamond has been given a Setswana name ‘ Boitumelo’ meaning Joy or gay in English. This diamond, measuring 26x17x16mm is described as a high- quality, fancy pink, Type IIa gem and was recovered from direct milling of ore, sourced from the EM/ PK( S) unit of the South Lobe. A superb, 22.21 carat fancy pink gem of similar quality was also recovered during the same production period along with two additional pink gems of similar colour and purity weighing 11.17, and 5.05 carats. The 62.7 carat Boitumelo diamond represents the largest fancy pink gem to be recovered in Botswana and one of the world’s largest rough pink diamonds on record. “Lucara is delighted to announce another historic diamond with the recovery of the Boitumelo, and very pleased to demonstrate the continued potential for large, coloured diamonds from the South Lobe production. These remarkable pink diamonds join a collection of significant diamond recoveries in 2021produced from the EM/ PK( S) which forms a key economic driver for the proposed underground mine at Karowe,” said Chief Executive, Eira Thomas. On Tuesday, the company, which is listed on the Botswana Stock Exchange, announced the signing of loan documentation in relation to its previously announced senior secured project financing debt package of US$ 220 million between Lucara Botswana Proprietary Limited as the Borrower and a syndicate of five mandated lead arrangers. The MLAs are African Export- Import Bank, Africa Finance Corp., IN G, Natixis, and Société Generale, London Branch. Afreximbank is acting as Facility Agent in connection with the Facilities. The Facilities include two tranches: a project finance facility of US$ 170 million to fund the development of the underground project, and a $ 50 million working capital facility to re- finance the Company’s existing debt and to support ongoing operations. “The Facilities, combined with the recently announced equity financings totaling approximately $ 30 million and projected cash flows from the Karowe open pit mine, during the underground construction period, result in the Karowe Underground Expansion Project being fully financed,” explained the company, better known for its Lesedi La Botswana diamond which was bought for over P500 million in 2017.