4th Oct 2019 08:20
(Alliance News) - Gem Diamonds Ltd on Friday said the mining lease for the Letseng mine has been renewed by the government of Lesotho.
The diamond mining company said the lease was renewed with immediate effect for a period of 10 years, with an exclusive right granted to renew the mining lease for a further period of 10 years.
The royalty payable in respect of diamonds sold from Letseng mine was, however, increased to 10% from 8%, Gem Diamonds noted, with effect from Thursday.
"Gem Diamonds is proud of our long-standing partnership with the government and the people of Lesotho. The mining lease renewal will allow the Letseng mine to continue to make a very significant economic and social contribution to the people of Lesotho," said Chief Executive Clifford Elphick.
Gem Diamonds shares were untraded in London on Friday morning, last closing at 72.00 pence each.
By Evelina Grecenko; [email protected]
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