Search This Blog

Monday, 21 July 2014

Africa Focused Diamond Company, Paragon Diamonds to start operations soon

Paragon Diamonds, the London-listed diamond company with a number of assets in Africa, aims to transform itself into a cash-generating diamond exploration and production company in Africa.

This is according to Simon Retter, Paragon’s chief financial officer, who spoke at the company’s AGM held in Guernsey recently.“We have a solid portfolio of multi-stage projects in world-class diamondiferous regions of Africa where we believe we can deliver significant value for shareholders,” Retter said.

The company’s flagship Lemphane kimberlite project in Lesotho is to start production soon, while Paragon is looking to advance its projects in Botswana and Zambia.“We continue to evaluate strategic and corporate opportunities to diversify our offering and will expose our shareholders to as much of the value chain as possible,” he said.

Lemphane is believed to be the last world-class kimberlite to be developed in Lesotho and is close to Gem Diamonds’ Letseng pipe, which is renowned for the recovery of exceptionally large and valuable diamonds.