Paragon clarifies Lemphane mining licence statement
JOHANNESBURG (miningweekly.com) – Aim-listed diamond explorer Paragon Diamonds has clarified that its subsidiary, Meso Diamonds, had been awarded a mining lease for the Lemphane kimberlite project, in Lesotho.
There had been some confusion over the ownership of the project.
Paragon had said in a statement on October 14 that it had been awarded a mining licence for its 85%-owned Lemphane kimberlite project.
Paragon Diamonds MD Dr Stephen Grimmer told Mining Weekly Online on Wednesday that, as pointed out by other parties, who raised concerns over the information in the October 14 announcement, the mining lease for the project was awarded to Meso Diamonds, which is 85%-owned by Paragon.
However, Grimmer added that Paragon’s shareholding in Meso could change once the Lesotho government’s participation in the project had been finalised.
The company had noted, on Monday, that “negotiations regarding government participation and royalty, as provided for under Section 44 and Sections 60/61 of the Act, are ongoing at this time and expected to be in line with other licences awarded to other mining operations in the region.”
Grimmer clarified on Wednesday that “in the region” meant within the “Lemphane-Roberts Kimberlite Field of Lesotho”, which hosted projects such as Letšeng, Mothae, Kao and Liqhobong, rather than within the broader Southern Africa.
He stated that the law currently stipulated a minimum government shareholding or participation of 20%, adding that this was, in practice, closer to 25% to 30%.
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