Lucapa Sets Sights on Retail Market
https://www.diamonds.net/News/NewsI...icleTitle=Lucapa+Sets+Sights+on+Retail+Market
The miner raised AUD 12.5 million ($9.1 million) in financing from Sydney- and Singapore-based investment fund Tribeca Investment Partners, Lucapa said Tuesday. The companies aim to bring goods from Lucapa’s newly acquired Merlin mine directly to retail via the Kimberley Syndicate, a diamond traceability program comprising Tribeca and Australian jeweler Margot McKinney.
“Our recent collaborative interaction [with Tribeca] has identified several opportunities, including venturing with the Kimberley Syndicate to develop a unique provenance offering as Lucapa continues its strategy of moving downstream to capture significant retail margins,” said Lucapa managing director Stephen Wetherall.
Lucapa also intends to use the money from Tribeca to expedite its search for the primary source of the diamonds at its Lulo deposit in Angola and add a processing plant to the mine. It hopes speeding up the process will allow it to capitalize on the current hot rough market. The miner will use some of the funds to test identified kimberlites and locate new discoveries at Merlin and at the Brooking lamproite site, it added.
“This [funding] allows us to settle interest-bearing debt ahead of plan, thereby improving profitability and strengthening the balance sheet,” Wetherall added. “This puts Lucapa in a solid financial position where we can realize near-term value catalysts quickly by speeding up the Lulo kimberlite exploration...complete the drilling program at the Brooking project, and accelerate revenue and margin growth initiatives.”
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