By Robert Tyerman | Thursday 2 July 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Gem hopeful Paragon Diamonds (PRG) says it expects to start production this year from its Lemphane and Mothae mines in the southern African kingdom of Lesotho, generating anticipated combined revenues of $36 million (£22.1 million) in their first full year of operation. As the Guernsey-based company awaits formal approval from Lesotho’s Ministry of Mines for its purchase of 75% of Mothae, chairman Philip Manduca has declared he thinks the shares, floated at 10p in 2010 by acerbic entrepreneur Francesco Scolaro, ought to be trading in double figures, rather than their present 5.5p.
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