Paragon Diamonds is now the sole owner of International Diamond Consultants (IDC) after acquiring the remaining 1.5 percent stake from Obtala Resources.
IDC holds interests in the group’s Lemphane and Motete mining exploration projects in Lesotho as well as the KapLamp lamproite project and the Kabale kimberlite exploration project, in Zambia.
“I am pleased that Paragon now holds 100 percent of IDC, with the positive results now coming from Lesotho I believe this will generate further upside for PRG shareholders,” said chairman of Paragon Francesco Scolaro.
“The value per share paid to Obtala for its stake in IDC is the same as that offered to the previous vendors of IDC, which I believe, in light of the current good news flowing out of Lesotho, represents good value for the shareholders of Paragon.”
Paragon bought 44.3 percent of IDC in December 2010 and increased its interest to 98.5 percent the following year.
In return for the 600,000 IDC shares, which were valued at 88 US cents each, Paragon had issued 970,588 shares at 34 pence per share worth a total £330,000 ($534000) to Obtala.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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