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Gem hopeful Paragon Diamonds (PRG) is celebrating two reports by independent consultant MSA Group on its Mothae project in the southern African kingdom of Lesotho, as it negotiates funding with several potential providers, besides hitherto favoured backer, International Triangle General Trading (ITRGT) of Dubai, for its $8.5 million (£5.6 million) acquisition of the project. Guernsey-based and AIM-quoted Paragon, which is developing its flagship Lemphane kimberlite deposit in the same area, recently received approval from the Lesotho government to buy 75% of Mothae from Swedish tycoon Lukas Lundin’s Lucara Diamonds and says the MSA studies ‘exceed management expectations’ for Mothae, which holds an estimated 39 million tonnes of rock with 2.7 carats per hundred tonnes.
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