Mining licence renewal advances Karowe underground expansion plans
The mining licence renewal application for Lucara Diamond Corp and Lucara Botswana’s Karowe mine, in Botswana, has been approved, and is effective from January 4 for a period of 25 years.
This secures Lucara’s mining rights to 2046 and marks a critical step in the formal sanction of the Karowe underground expansion project.
Lucara president and CEO Eira Thomas says the receipt of the mining licence renewal and extension to 2046 is an important milestone for the Karowe underground expansion project, and “paves the way for the completion of a supplemental debt financing and full project sanction” later this year.
The Karowe underground expansion project, which continued to advance in 2020 under a revised $22-million budget in response to the Covid-19 pandemic, focused on time critical path items, detailed engineering and design, and limited earthworks and geotechnical studies.
Lucara currently continues to explore debt financing options for the underground expansion for those amounts which are expected to exceed the company's cash flow from operations during the construction period.
Financing is anticipated to be in place by the second half of this year.
The underground expansion programme has an estimated capital cost of $514-million and a five-year period of development, with first ore anticipated from underground in 2026.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation