Lucara Diamond Corp has signed amended documentation in relation to the senior secured project financing debt package of US$220 million executed in July 2021. While the total quantum of the Facilities has not changed, the repayment profile has been extended in line with the rebase schedule released.
Lucara expects to continue to develop the Karowe underground expansion using funds from the Project Loan, combined with projected excess cash flow from Karowe open pit mine operations and stockpiles processed during the underground construction period.
Parties to the Facilities remain Lucara Botswana Proprietary Limited as the Borrower and a syndicate of five international financial institutions: African Export-Import Bank (Afreximbank), Africa Finance Corp, ING, Natixis, and Societe Generale, London Branch. Afreximbank acts as Facility Agent in connection with the Facilities.
The Company’s debt package consists of two facilities, a project finance facility of $190 million (previously $170 million) to fund the development of an UGP at the Karowe Mine, and a $30 million (previously $50 million) senior secured working capital facility which is used to support ongoing operations.
The Company has drawn $125 million from the Project Loan and $15 million from the WCF. The balance in the cost overrun reserve account stands at $33.6 million. All currency figures are in U.S. Dollars, unless otherwise stated.
William Lamb, President and CEO commented: “The recent signing of the amended facilities agreement for the Karowe mine’s underground development project marks a significant step in our company’s exciting transformation. This achievement continues to underscore the exceptional quality of the Karowe asset.
The adjusting repayment schedule aligns with the expected cash flow from the underground production profile, where we are set to process the most valuable ore from the underground expansion in the first three years of operations.
With the solid financial backing from our largest shareholder, who has provided interim funding and guarantees, we can confirm that the underground expansion project is fully funded. Our dedicated team, combined with the support of our strategic shareholder, positions us to create substantial value for our shareholders through the Karowe mine’s underground development project.”
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