Lucara Diamond secures credit facility from Canada bank

22 April 2012 (Last Updated April 22nd, 2012 18:30)

Lucara Diamond Corp has closed a $25m revolving term credit facility with The Bank of Nova Scotia in Canada to fund its ongoing operations, primarily at the Karowe Mine in Botswana.

Lucara Diamond Corp has closed a $25m revolving term credit facility with The Bank of Nova Scotia in Canada to fund its ongoing operations, primarily at the Karowe Mine in Botswana.

A total of $15m will be provided immediately and the remaining $10m will be available following delivery of security at the company's Karowe assets, which is expected during the second quarter of 2012.

Lucara is an emerging diamond producer with two key assets, the Karowe diamond mine and the Mothae diamond mine in Lesotho.

The company said its 100% owned Karowe Mine is in starting stage with ramp-up to full production slated for the second quarter of this year.

Its 75% owned Mothae mine is currently in the trial mining stage.