Lucara Diamond gets revolving credit facility to boost Botswana mine

Lucara Diamond said it has received a commitment letter from The Bank of Nova Scotia for a $25 million revolving term credit facility to fund ongoing operations primarily at the Karowe Mine, in Botswana.
Karowe Mine was in the construction stage with mine commissioning scheduled to commence in the first quarter of 2012.
"We are very pleased to have secured this credit facility which clearly demonstrates the sound rating of the Karowe diamond mine and the excellent progress of the development and construction work to date,” said Lucara chief executive and president William Lamb in a statement emailed to Rough & Polished.
“The facility provides the flexibility to fully commission Karowe and lead other corporate initiatives while avoiding shareholder dilution.”
Lucara said the availability of the facility was, however, subject to the completion of final documentation and customary conditions precedent.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished