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Lucapa to become a niche diamond company, says Wetherall

Lucapa Diamond believes that it will become the only company in the world with multiple diamond mining operations whose average diamond value is in excess of $1,000 per carat, once the Mothae mine is commissioned this year. Company chief executive and...

19 february 2018

Zimnisky: Diamonds lack fungibility to be a major investment product

Physical diamonds will never be a viable widespread investment product simply because they inherently lack fungibility, meaning they are all unique, according to Paul Zimnisky, an independent diamond industry analyst and consultant, who is based in New...

12 february 2018

Julien-Vincent Brunie: "Being surrounded by beauty and art is a privilege!"

This last December, shortly before Christmas, the Auction House of Christie's arranged a private display of jewelry in Moscow. The correspondent of Rough & Polished, who had an opportunity to visit this event, was able to admire a luxurious collection...

05 february 2018

Ali Pastorini: We would like meeting Mujeres Brillantes 2018 to be held in Russia

Ali Pastorini is the co-owner of DEL LIMA JEWERLY and President of Mujeres Brillantes, an association which brings together approximately 500 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

29 january 2018

Diamond Exchanges promote healthy development of the diamond industry, besides safe and basic infrastructures for diamond trade

Prior to joining the Guangzhou Diamond Exchange, Liang Weizhang served as a civil servant of Guangdong Entry-Exit Inspection & Quarantine Bureau as the director of the Kimberley Process Office. He participated in the KP Review missions to South Africa...

22 january 2018

Lucapa secures $15 mln debt financing facility for Mothae

12 october 2017
Lucapa Diamond has secured a $15 million debt financing facility to bring its “high-value” Mothae kimberlite diamond project, in Lesotho into production in 2018.
Company managing director Stephen Wetherall said the financing facility enabled Lucapa to meet one of its key strategic objectives of growing diamond production in the large and “premium-value sector” – a segment of the global market where sales and pricing had remained strong.
“This facility is a significant result for Lucapa and its shareholders. It ensures that the Company, together with the Government of Lesotho, will bring Mothae on stream in 2018, adding a second cash producing asset and high-value producing mine to the group that will complement the top-quality diamond production from Lulo,” he said.
The three-year debt facility was arranged with a private Singaporean company, Equigold and it would be repaid in eight quarterly payments commencing December 2018 when Lucapa expects Mothae to be in steady state production under its first phase development plan.
It also carried an annual interest rate of 13 percent and other fees customary to a facility of this nature.
The facility includes a provision for Equigold, at their election, to convert the last two scheduled quarterly payments, totalling $3.75 million, into ordinary shares in Lucapa.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished

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