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Paragon Diamonds in project funding talks

By Robert Tyerman | Wednesday 23 September 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) is celebrating two reports by independent consultant MSA Group on its Mothae project in the southern African kingdom of Lesotho, as it negotiates funding with several potential providers, besides hitherto favoured backer, International Triangle General Trading (ITRGT) of Dubai, for its $8.5 million (£5.6 million) acquisition of the project. Guernsey-based and AIM-quoted Paragon, which is developing its flagship Lemphane kimberlite deposit in the same area, recently received approval from the Lesotho government to buy 75% of Mothae from Swedish tycoon Lukas Lundin’s Lucara Diamonds and says the MSA studies ‘exceed management expectations’ for Mothae, which holds an estimated 39 million tonnes of rock with 2.7 carats per hundred tonnes.


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