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Lucara Announces Senior Secured Project Finance Facility Mandate for the Underground Expansion of the Karowe Mine
Lucara Announces Senior Secured Project Finance Facility Mandate for the Underground Expa...
About this update from Lucara Diamond Corp.
[{"type":"text","content":"\n \n \n \n Lucara Announces Senior Secured Project Finance Facility Mandate for the Underground Expansion of the Karowe Mine\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n VANCOUVER, BC,\n \n March 23, 2021\n \n /CNW/ - (TSX: LUC) (BSE: LUC) (Nasdaq Stockholm: LUC)\n \n \n Lucara Diamond Corp. is pleased to announce the execution of a mandate for a senior secured project financing package of up to\n \n US$220 million\n \n (the \"Mandate\") to fund the underground expansion at Lucara's 100% owned Karowe Mine (\"Karowe\") in\n \n Botswana\n \n . A syndicate of five international financial institutions, including ING Bank N.V. (\"ING\"), Natixis (\"Natixis\"), Société Générale,\n \n London\n \n Branch (\"Société Générale\"), Africa Finance Corporation (\"AFC\") and Afreximbank (\"Afrexim\") will act as the Mandated Lead Arrangers (\"MLAs\"). The formal Mandate includes a non-binding indicative term sheet for debt facilities of up to\n \n US$220 million\n \n (the \"Facilities\").  Closing of the Facilities is targeted to be mid-2021, with financing in place for the second half of 2021.\n \n View PDF Version\n \n \n \n Eira Thomas, President and CEO commented: \"The mandating of five leading international financial institutions, with strong mining and metals track records and significant experience in\n \n Africa\n \n , for the arrangement of +$200 million senior debt facilities, is a significant achievement for Lucara. This debt package will supplement cash flows from continued operations of the Karowe open pit over the next 5 years, extending Karowe's mine-life out from 2025 until at least 2040. The project is underpinned by strong economics, is expected to payback in under three years and contribute more than\n \n $4 billion\n \n of additional revenues using conservative diamond pricing assumptions. We are targeting completion of the project financing package by mid-year, with full project sanction thereafter.\n \n \n The interest of top tier financial institutions further va...