Meso Diamonds has recently secured mining lease for the Lemphane Kimberlite Project in Lesotho.
As part of a recent mining lease agreement, the Lesotho government will hold a 20% stake in Meso Diamonds which operates the Lemphane project.
Following this move, Paragon Diamonds interest in Meso Diamonds and Lemphane Project will reduce to 80%.
Paragon managing director Stephen Grimmer said, "We now move to the critical Stage 1 mining development phase. It should be noted that Paragon Diamonds will now hold 80% of the equity in the project, together with the Government of Lesotho holding 20%, terms not matched by any other comparable mining operation in the country at this time."
The company also agreed to sell up to 15% from its 80% stake in Meso Diamonds to Basotho investors if such potential investors express an interest.
