Lucara Approves Karowe Underground Expansion Project

Lucara President and CEO, Eira Thomas
Lucara President and CEO, Eira Thomas

Lucara Diamond Company has approved the Karowe underground expansion project (UGP) following the Financial Close and satisfaction of all Conditions Precedent pursuant to the previously announced senior secured project financing debt package of $220 million (about P2.2bn) signed on July 12, 2021.

The facilities include two tranches, a project finance facility of $170 million to fund the development of the underground project. The other is a $50 million working capital facility to re-finance the company’s existing debt and to support ongoing operations.

Lucara president and CEO, Eira Thomas said an utilisation notice from the $170 million project loan facility has been accepted and the first funding for the Karowe underground expansion is expected to be received in mid-September.

Editor's Comment
Bulela Ditswe entry fee could hamper broke talent

The fees have been doubled from the previous amounts and raise concerns about political participation accessibility and democratic representation principles.This significant fee increase prompts questions regarding its impact on grassroots democracy.On one hand, the fees act as a filter, ensuring only serious contenders enter the race, potentially reducing frivolous candidacies and generating crucial campaign funds. The BDP argues that aspiring...

Have a Story? Send Us a tip
arrow up