Paragon Diamonds has conditionally increased its interest in its Lesotho subsidiary, Meso Diamonds, from 85% to 100% by acquiring the 15% interest held by its local partner, Mr. Martin Matekane of Matekane Mining.
Meso Diamonds was recently granted Mining Lease 009/2013 over the Lemphane Kimberlite Project in the Kingdom of Lesotho. Paragon Diamonds has agreed with the Government of Lesotho to sell up to 15% from its 80% interest in Meso Diamonds to accredited Basotho investors at fair commercial values if any such potential investors express an interest.
Dr. Stephen Grimmer, Managing Director of Paragon commented: “We welcome the Matekane family, who have partnered with us for the last three years, as shareholders of Paragon Diamonds. We now move to the critical Stage 1 mining development phase. It should be noted that Paragon Diamonds will now hold 80% of the equity in the project, together with the Government of Lesotho holding 20%, terms not matched by any other comparable mining operation in the country at this time.”
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