News

Advanced Search

Lucapa Receives $15M Bridge Financing

Jan 23, 2015 1:28 PM   By Jeff Miller
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Lucapa Diamond Company Ltd. secured a $15 million bridge financing facility for the Lulo diamond concession in Angola. The 12-month financing bridge is subject to the satisfactory completion of due diligence, investment approvals, security and customary legal documentation. Lucapa and the loan provider have agreed to enter into an exclusivity period of 40 days to complete those requirements. 

Since December, Lucapa has been  evaluating a number of debt-financing proposals to fund efficiency and technology improvements for the first phase of alluvial diamond mining at Lulo. Some of these upgrades include modifying the receiving module on Lucapa's diamond treatment plant to create a full wet front end to allow for effective wet gravel reception during the heavy rainfall months and  new x-ray transmission technology to increase capacity and optimize the recovery of low-luminescent type IIa diamonds.

Lucapa's CEO, Stephen Wetherall, said, "We look forward to commencing the due diligence and to securing the funding for the next exciting and important stage of development at Lulo."


Tags: Angola, bridge loan, diamonds, financing, Jeff Miller, lucapa, Lulo, mining
Similar Articles
ABN Amro branch Capelle aan den IJsselABN Amro Restricts Rough-Sector Lending
Jul 15, 2019
ABN Amro has scaled back its financing of rough-diamond purchases, citing a lack of profitability in the manufacturing
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2019 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.