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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.
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.
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Tags:
, Avi Krawitz, diamonds, Konoma, Paragon Diamonds, Rapaport, Sierra Leone
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