Paragon Diamonds Finance Boss Reports Significant Progress at AGM
Paragon Diamonds Ltd has had a year of significant progress as it moves closer to its goal of transforming into a cash-generative diamond exploration and production company in Africa.
Simon Retter, the Company’s Chief Financial Officer, was due to make an upbeat statement at the company's Annual General Meeting scheduled to be held today.
In a statement, he said: “We have a solid portfolio of multi-stage projects in world-class diamondiferous regions of Africa where we be believe we can deliver significant value for shareholders.”
In Lesotho, the AIM-listed company’s flagship large stone/high value Lemphane kimberlite project is on course to commence production in the near term.
He said that Paragon’s other diamond projects in Botswana and Zambia provide a highly prospective pipeline which the company would look to advance along the development curve.
“In addition we continue to evaluate strategic and corporate opportunities to diversify our offering and will expose our shareholders to as much of the value chain as possible,” he said.
Lemphane is believed to be the last world-class kimberlite to be developed in Lesotho and is located close to Gem Diamonds’ Letseng pipe which is renowned for the recovery of exceptionally large and valuable diamonds.
Results from an independent size frequency and revenue modelling report highlighted that preliminary diamond values from Stage 1 production would be between US$930 – US$1,025/carat for grades of 2 carats per hundred tonnes while the size frequency study indicated that 12 percent of carats will be over 9cts.
Significantly, the report predicted the recovery of exceptionally large sized diamonds of 100+ carats, even in the early stages of production.
Retter said: “The remainder of 2014 looks to be a highly exciting period for Paragon Diamonds as we move to stage 1 production, subject to completing financing.
“We expect to report on further drilling at Lemphane and also a scoping study which we expect will upgrade the already attractive economics of Lemphane.”
Newmont acquires Canada’s GT Gold in $325mn deal
Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.
“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”
Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.
With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.