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Paragon Suspends Sierra Leone Operations

Govt. Revokes Konoma Mining License

Apr 15, 2012 3:57 AM   By Avi Krawitz
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RAPAPORT... Paragon Diamonds has placed its Konoma alluvial mine on care and maintenance after ‎Sierra Leone requested the company reapply for its mining license for ‎the site.   ‎

‎“The company will continue to seek clarification on the irregularities surrounding these ‎issues -- particularly as the licenses under discussion were issued as valid until April 2016, ‎and are not subject to any renewal at this time,” said Stephen Grimmer, the managing ‎director of Paragon. “In addition we continue to seek a response to previous requests to ‎the Ministry to re-structure our mining license holdings in Sierra Leone.”‎

The company explained that it has no further investments in Sierra Leone since the ‎cessation of operations, and has reduced its operating costs to the minimum necessary ‎to maintain its physical assets and the few remaining staff in-country.‎
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Paragon’s focus has therefore shifted to its Lemphane and Motete kimberlite projects in ‎Lesotho. ‎

‎“The potential exists in Lesotho to rapidly develop a diamond resource far exceeding the ‎stated mineral assets in Sierra Leone,” Grimmer said.‎

Earlier, Stellar Diamonds said the government revoked its Kono licenses, but disagreed with the decision and was seeking clarification. 
Tags: , Avi Krawitz, diamonds, Konoma, Paragon Diamonds, Rapaport, Sierra Leone
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