Lucara Diamond Corp. has closed its acquisition of Botswana’s African Diamonds PLC (AFD) following court and regulatory approval.
The deal means the Vancouver-based company now holds a 100 per cent interest in the AK6 project, a high-value diamond development project located in the Orapa/Letlhakane kimberlite district.
Lucara acquired all issued and outstanding shares of AFD, trading 0.80 common shares for each AFD common share.
“This acquisition consolidates ownership of the AK6 project, benefiting all shareholders, and creates a new premier diamond developer in Africa,” said Lucara president and chief executive officer (CEO) William Lamb. “Development of the AK6 mine is continuing at a rapid pace and is one of the few new diamond mines coming into production in the near term. AK6 is known for its high-quality stones and is expected to have a long life mine of 12-plus years with substantial expansion opportunities from additional resources at depth.”
According to Lucara, AK6 is on schedule for commissioning in the fourth quarter of this year. Earthwork commenced in September and site establishment is expected to be completed for initial concrete pours by the end of this month. Work on mine access roads is also underway, with the first section now open to traffic.
