PERTH (miningweekly.com) – Diamond miner Lucapa has struck an agreement with its major financiers and shareholders Equigold and New Azilian, as well as the external financier for the Mothae project, the Industrial Development Corporation of South Africa, to defer some $13-million in loan repayments from 2020 and 2021, to 2022 and beyond.
MD Stephen Wetherall said on Friday that the amendments agreed by all financiers reflected an understanding of the current pandemic affected environment, and was evidence of the strong support for the company’s operations.
“The refinancing arrangement will give Lucapa and Mothae more flexibility to navigate the pandemic-affected diamond and investor markets and the support to continue driving the company’s strategy on its niche high-end operations and exciting exploration projects,” he added.
The amendments to the financing arrangements are subject to the execution of variations to the financing agreements, as well as relevant payments as required by the financiers.
The New Azilian amendment is also subject to Lucapa shareholder approval, as well as regulatory approvals or necessary waivers.