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“This is an exciting time for us as we are finally in a position to move forward with underground expansion at Karowe."
A notice from the US$170 million project loan facility has been accepted and first funding is expected to be received in mid-September.
“It delivers strong economics projected to pay back capital in under three years and add approximately $4 billion in revenues." - Eira Thomas
"Lucara is moving forward with a fully financed underground expansion project, extending Karowe's mine life to at least 2040."
The proceeds will be used for working capital to support the development and ongoing operation of the Karowe diamond mine.
"The mine remains one of the world's highest margin diamond mines and has yielded 4 of the 10 largest diamonds in recorded history."