Lucara Approves Karowe Underground Expansion Project

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.