Lucapa Diamond has signed an agreement with Equigold and New Azilian as well as the Industrial Development Corporation of South Africa to defer $13-million in loan repayments from 2020 and 2021, to 2022 and beyond.
Company managing director Stephen Wetherall said the amendments agreed by all financiers to Lucapa’s operations reflect an understanding of the current Covid-19 pandemic affected environment and evidence the strong support for their 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 said.
Lucapa said show of support from its financiers coincides with the ‘encouraging’ kimberlite exploration results at Lulo and the Canguige catchment area where the treatment of the first Lulo kimberlite bulk samples from L071 and L072 through the processing plant has now commenced.
Delineation drilling and bulk sampling of the 14 other most prospective kimberlites within the Canguige catchment area and wider Cacuilo valley will also continue throughout 2020 and into 2021.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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