Lucapa Diamond Company (ASX: LOM) - Managing Director, Stephen Wetherall
Managing Director, Stephen Wetherall
Source: Lucapa Diamond Company
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  • Lucapa Diamond (LOM) is set to receive a $19 million influx of funds, following a remarkable year of mining
  • The first US$10 million (A$14 million) comes by way of a repayment of Lucapa’s capital loan to partner Sociedade Mineira Do Lulo (SML)
  • The second US$3.6 million (approximately A$5 million) comes from Lucapa’s 40 per cent share of a US$10 million SML interim dividend, net of withholding tax
  • The news follows Lucapa’s recent acquisition of the 4.4 million carat Merlin Diamond Project by its fully owned subsidiary, Australian Natural Diamonds
  • Lucapa Diamond last traded at 9.3 cents on December 14

Lucapa Diamond (LOM) is set to receive a $19 million influx of funds, following a remarkable year of mining.

Lucapa is set to receive the US$13.6 million (around A$19million) through two tranches from its partners, Sociedade Mineira Do Lulo, Endiama, and Rosas & Petalas.

The first US$10 million (roughly A$14 million) comes by way of repayment of Lucapa’s capital loan to Sociedade Mineira Do Lulo (SML). The capital loan was used for alluvial exploration and mine development programs. Following this repayment, the loan balance sits at US$17 million (A$24 million).

The second US$3.6 million (approximately A$5 million) comes from Lucapa’s 40 per cent share of a US$10 million SML interim dividend, net of withholding tax.

The news follows Lucapa’s recent acquisition of the 4.4 million carat Merlin Diamond Project by its fully owned subsidiary Australian Natural Diamonds.

The acquisition consists of a 24 square kilometres mineral lease and 283 square kilometre exploration licence encompassing the mineral lease. The mineral lease contains 11 previously discovered kimberlite pipes in three kimberlite clusters.

Lucapa Diamond last traded at 9.3 cents on December 14.

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