Industry News by Nemesis

Equigold Ups Stake in Lucapa Diamond

November 26, 2017

Private Singaporean company Equigold has increased its shareholding in Lucapa Diamond Company, which has operations in Angola, Australia and Lesotho. 


Mining Weekly reports that Equigold, controlled by investor Simon Lee, had converted the last two scheduled quarterly repayments, totalling $3.75-million, into Lucapa shares. 


The companies had last October agreed to enter a $15-million loan facility, which would see Equigold acquire 2.42-million ordinary fully-paid shares in Lucapa at 26.9c apiece. 


Lucapa also had drawn down $10-million of the Equigold facility to advance the first phase development of the high-value Mothae kimberlite project in Lesotho. 


Lucapa said last month that it had completed reviewing the development plan as well as optimising the pit design and mine plan for its 70 percent-owned Mothae kimberlite diamond project. 


It said a new mine development plan had been adopted by both the Mothae and Lucapa

Boards as well as the government of Lesotho, which retained a 30 percent interest in Mothae. 
The company was looking forward to bringing Mothae into production early in the second half of 2018. 

 

Source: Rough-Polished

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