Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

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Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

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There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

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The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

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De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

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16 august 2021

Lucara to offload Lesotho’s Mothae asset

24 december 2014

Lucara Diamond said it intends to divest of its 75 percent-owned Mothae asset in Lesotho following an extensive financial and economic review.
Lucara said in a statement emailed to Rough & Polished that although the resource had been proven to be diamondiferous, Mothae did not meet the “disciplined” investment criteria for its targeted return on capital and its forecast generation of long term free cash flow potential.
"Lucara has been very fortunate to have the opportunity to evaluate the Mothae asset and develop relations with the Government and people of Lesotho,” said company chief executive William Lamb. “Based on our development strategy and the extensive work conducted on understanding the economics of the Mothae asset, we do not believe that sufficient shareholder value can be gained through the expenditure of current cash reserves on further assessment and development of this project.”
Lucara said it intends to report a non-cash impairment of the book value for the Mothae asset in its year-end accounts.
Current book value and estimated rehabilitation provision costs total about $21 million.
Meanwhile, Lamb said Lucara would continue to focus on its Botswana production and exploration assets while assessing other value accretive opportunities.
It wholly owns Karowe mine in Botswana.

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