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Paragon Awarded Mining License for Lemphane
Oct 14, 2013 4:53 AM
By Deena Taylor
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RAPAPORT... Paragon Diamonds was awarded a mining license by the Lesotho Ministry of Mines for its 85-percent-owned Lemphane kimberlite project. The license is for a 10-year period and will expire on October 9, 2023 with an option to renew.
The approved mining program is based on a two-year stage 1 mine plan of 540,000 tonnes per year, followed by an eight-year stage 2 mine plan of 3 million tonnes per year for an initial open-pit life of 10 years.
The company is still in the process of negotiations regarding government participation and royalty, but expects terms to be in line with other mining licenses awarded in the region.
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Tags:
Deena Taylor, diamonds, Lemphane, Lesotho, Paragon Diamonds
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