Lucapa Diamond has reduced its debt to A$15.6 million as of the end of February 2022 from A$33.2 million more than a year ago.
“All three of our financiers, New Azilian, Equigold and The IDC of South Africa, have been instrumental in partnering with Lucapa to achieve the successes on our mines and exploration assets,” said company managing director Stephen Wetherall.
“Our financiers have not only provided the required funding for mining development and exploration, but also the understanding and patience when the diamond industry stumbled at the onset of the pandemic in 2020 and our operations were impacted.”
The diamond miner said it repaid in cash a principal amount of A$10.5 million and an interest amount of A$0.7 million owing to New Azilian, a company associated with major Lucapa shareholder and non-executive director, Ross Stanley.
The assets held as security by New Azilian were released.
“We have put a great deal of effort into strengthening our balance sheet and have reduced our debt by
[about] A$17.6 million in just the last 14 months,” said Wetherall.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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