Lucara Diamond Corp. has secured a $25 million credit facility from The Bank of Nova Scotia. The funds will be used to finance ongoing operations at the Karowe Mine in Botswana, the company stated.
William Lamb, Lucara’s president, said the facility will allow the company to focus fully on commissioning activities at Karowe as the mine comes to production.
Under the terms of the facility, the two year facility will be secured by Lucara’s assets and that of its subsidiaries. Up to $15 million will be advanced prior to the delivery of security over the company’s Karowe assets.