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Philip Manduca, since August chairman of ambitious gem play Paragon Diamonds (PRG), says he ‘could not be more excited’ as the AIM-quoted company prepares to start production early next year from its Lemphane kimberlite project in the southern African kingdom of Lesotho. He is in discussions with potential providers of debt finance for the $6 million (£3.8 million) capital expenditure required for Stage 1 of the Lemphane project, which Paragon hopes will yield 20,000 carats over two years from one million tonnes of kimberlite material and generate annual revenues of $90 million with an estimated average value of no less than $930 a carat.
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