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Paragon Diamonds pretax loss widens

29 may 2014

Paragon Diamonds said its pretax loss for the year ended 31 December 2013 widened to £1.3 million ($2.2 million), from a loss of £1.1 million ($1.9 million), a year earlier.
It said in a statement emailed to Rough & Polished that it was set to commence Stage 1 production late 2014 subject to financing and generate first revenues of $8 million per annum late this year at the open pit Lemphane Kimberlite in Lesotho.
This meant that 20,000 carats were being targeted with an estimated average value of $750 per carat.
"Thanks to the considerable work we carried out over the course of the year, our belief that Lemphane, the last known significantly sized kimberlite to be developed in Lesotho, has the potential to be a billion dollar resource has strengthened," said chairman Martin Doyle in a statement.
Paragon said the results of a limited bulk sampling programme are consistent with what would be expected from a parcel of similar size from other high value diamond populations from kimberlites mined in Lesotho such as Letseng and Mothae.
Doyle said with demand forecast to outstrip supply for the foreseeable future, Paragon Diamonds was well placed to take advantage of the attractive fundamentals of the diamond market and build a cash generative diamond producer.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished