ING Bank, Société Générale, Africa Finance Corporation and Afreximbank are Mandated Lead Arrangers in the Karowe expansion syndicate.

The agreement secured debt facilities of up to US$220 million, with closure targeted to be mid-2021 - financing is in place for the second half of 2021, added the company.

"The mandating of five leading international financial institutions, with strong mining and metals track records and significant experience in Africa, for the arrangement of +$200 million senior debt facilities, is a significant achievement for Lucara," said Eira Thomas, president and chief executive.

The total estimated costs of the expansion, which is expected to double the mine's life span, generate US$5.25 billion in gross revenue and produce 7.8 million carats over 20 years, is expected to be US$514 million.

The company extended Karowe's licence by five years in January, to 2046.