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Lesotho becomes popular excavation site
Four companies planning exploration projects in next two years
By: Business Day
Apr 11 2007 12:00AM
Reference: 1281  


The discovery of valuable gems at the Letseng mine has made the South African State of Lesotho a popular site for excavations. At least four companies are planning to start exploration projects in the next two years.

According to reports, the Lesotho governments requires participation in local mines and has modernized its mining legislation.

The new mine is expected to yield 740,000 carats annually over a 25-year life.

The Letseng mine currently produces 50,000 carats annually, but new investments are expected to double the annual yield. Despite the fact that the volume of production in Letseng is lower than the projected production at Kao, experts note that the value of stones recovered at Letseng is probably ten times that of Kao.

Another diamond mine operating in Lesotho since last year is Liqhobong, which is owned by European Diamonds.

Angel Diamonds is currently conducting explorations in Kolo as well. The area was exploited previously by retrenched mineworkers and produced 7500 carats, of which 10% exceeded 10 carats. Two weeks ago Motapa Diamonds announced that it had launched the second stage of the sampling program at Mothae

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