Paragon Wins Lesotho Govt Approval For Mothae Acquisition

Mining and Exploration
07/08/2015 12:45

The firm has obtained the required formal approval from the Lesotho government to complete the $8.5 million acquisition of a 75-percent interest in, and operatorship of, the Mothae kimberlite resource from Lucara Diamond Corp. Once the deal is concluded, Paragon can simultaneously develop and start production at Mothae and its 80-percent owned Lemphane project, to take advantage of economies of scale, thereby reducing costs. Paragon is targeting combined revenue of about $36 million in the first year.