Australian miner obtains funds for African diamond project

Photo: Lucapa

Australian miner Lucapa Diamond has secured ZAR 100 million (US$7 million) in funds to finance the development of its Mothae kimberlite diamond mine in Lesotho. The first sale of commercial diamonds from the project is expected in the first quarter of 2019.

The funds were provided by the Industrial Development Corporation of South Africa, the miner said in a statement.

Lucapa said that "commercial diamond recoveries have now commenced through the new 1.1Mtpa Mothae treatment plant, which is being ramped up to its nameplate capacity. The new Mothae plant includes advanced diamond recovery technology including two XRT modules designed to recover large and rare Type IIa diamonds ahead of the secondary crushing circuits to avoid breakage."

Lucapa holds a 70% stake in the African project, while the government of Lesotho has the remaining 30% of the shares.