Canadian mining company Lucara Diamond has mandated five international financial institutions for a secured project financing package of up to $220-million to fund the underground expansion of the Karowe mine, in Botswana.

The syndicate comprises ING Bank, Natixis, Société Générale, London Branch, Africa Finance Corporation and Afreximbank.

President and CEO Eira Thomas says the debt package will supplement cash flows from continued operations of the Karowe openpit over the next five years, extending Karowe’s mine-life out from 2025 until at least 2040.