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Gem Diamonds terminates Letšeng load, haul contract with MMIC

17 november 2023

Gem Diamonds has ended its contract with Matekane Mining Investment Company (MMIC) for load and haul services at Letšeng mine in Lesotho as of December 1.

The contract was cancelled 11 months before its end date.

Gem said Letšeng had been considering options concerning the contract following the election of MMIC owner Sam Matekane as Prime Minister of Lesotho in October 2022, making him a politically exposed person.

"This transaction brings a long-standing and successful business relationship we've enjoyed with MMIC, since 2005, to an end,” said Gem chief executive Clifford Elphick.

“The transaction resolves important issues relating to governance and conflicts and will lead to operational efficiencies and cost reductions being achieved.”

Gem said it will acquire the mining equipment at Letšeng from MMIC, which is currently used exclusively for the mine.

It said it will offer employment to MMIC employees currently working exclusively for Letšeng.

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