Lucapa: $7M Funding From Industrial Development Corporation Finalized

(IDEX Online) – Lucapa Diamond Company Limited has announced the finalization of S$7 million in development funding from the Industrial Development Corporation of South Africa (IDC) for its Mothae kimberlite diamond mine in Lesotho.

The funding from the IDC, which is one of the largest development financiers in southern Africa, followed the execution of the loan and ancillary agreements and completion of all conditions precedent to the approved Term Sheet, as announced in October, the miner said.

In addition to the funding from the IDC, proceeds of around $1.5 million have also been received by Mothae from the sale of around 4,000 carats diamonds recovered from various campaigns, in which material from multiple sources was processed through the bulk sampling plant. The sale included prices of up to $15,000 per carat for individual diamonds, Lucapa added.