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Lucapa, Equigold amend loan repayment schedule

11 november 2019

news_02072018_lucapa.pngLucapa Diamond and Equigold have amended the repayment terms of the Equigold loan agreement to delay the next repayment, extends the repayment term and reduces the repayment amounts to eight quarterly instalments of $900,000 each.
It said the next repayment has been deferred to 1 April 2020, with the final of the eight scheduled payments now due on 1 January 2022. 
The ASX-listed diamond company would have repaid the outstanding $7.5 million loan balance in 2020 in four quarterly instalments of $1.9 million, commencing on 1 January 2020.
“The amended loan repayment schedule will give Lucapa and its respective project partners additional flexibility in both the scheduling of rough diamond tenders and the sale of select manufactured diamonds under the Group’s cutting and polishing strategy,” said company managing director Stephen Wetherall.
The net effect of the amendments will be to defer until 2021/22 a total of $4.7 million in capital repayments which would have otherwise been payable by Lucapa to Equigold in 2020 under the original Agreement. 
Lucapa used the 2017 Equigold loan to help finance the development of the company’s second highvalue diamond project, the new 1.1 million tonne per annum Mothae kimberlite mine in Lesotho. 

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