Lucara Diamond secures $220 million project financing

By Wendy Van Sickle

Columbus, Ohio, May 5 – Lucara Diamond Corp. received commitments from a syndicate of five mandated lead arrangers for a senior secured project financing debt package of up to $220 million to fund the underground expansion at its Karowe Mine in Botswana, according to a news release.

The facilities will include a project finance facility of $170 million to fund the development of the underground project and a working capital facility of $50 million to support the ongoing operation of the Karowe open pit mine.

Closing is subject to satisfactory completion of definitive documentation and some conditions.

The mandated lead arrangers are ING Bank NV, Natixis, Societe Generale, London Branch, Africa Finance Corp. and Afreximbank.

Lucara is a diamond explorer based in Vancouver, B.C.

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