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Lucapa finalises IDC funding for Mothae

21st December 2018

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Diamond miner Lucapa has locked in R100-million in development funding from South Africa’s Industrial Development Corporation (IDC) for the Mothae kimberlite mine, in Lesotho.

The funding follows the execution of the loan and ancillary agreements and completion of all conditions precedent to the term sheet announced in October.

In addition to the funding from the IDC, Lucapa has also received R20.6-million in proceeds from the sale of diamonds recovered in various campaigns. The company has received up to $15 000/t for individual diamonds.

The ASX-listed company started commercial diamond recoveries through 1.1-million-tonne-a-year treatment plant in early December. The plant is being ramped up to its nameplate capacity and the first sale of commercial diamonds from the mine is scheduled for the first quarter.

The Mothae mine’s production is expected to complement that from the Lulo mine, in Angola.

Edited by Creamer Media Reporter

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