PROJECT FINANCE

Lucapa locks in funding

Lucapa Diamond Company has finalised a loan to fund its Mothae diamond mine in Lesotho

Staff reporter
 Mothae in Lesotho

Mothae in Lesotho

The Industrial Development Corporation of South Africa is providing 100 million rand (US$7 million), as first announced in October.

Commercial diamond recoveries from Mothae started earlier this month via the new 1.1 million tonne per annum plant.

The plant includes advanced diamond recovery technology including two XRT modules designed to recover large and rare Type IIa diamonds ahead of the secondary crushing circuits to avoid breakage.

The project is a 70:30 joint venture between Lucapa (as operator) and the Lesotho government.

The JV has received proceeds of around $1.5 million from the sale of roughly 4000 carats produced via bulk sampling.

The sale included prices of up to $15,000 per carat for individual diamonds.

Earlier this month a 78 carat white diamond was recovered, the largest so far.

The first sale of commercial diamonds is expected in the March quarter.

Shares in Lucapa fell half a cent yesterday to A18.5c, valuing the company at $86.4 million.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

Mining Company ESG Index: Benchmarking the Future of Sustainable Mining

The Mining Company ESG Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.