Letšeng Diamond mine is situated high in the Maluti Mountains in the Kingdom of Lesotho, southern Africa. Letšeng Diamonds (Pty) Ltd holds the mining lease granted in 1999 by the Government of Lesotho.
Letšeng Diamonds (Pty) Ltd acquired the mining rights for Letšeng Diamond Mine in 1999. The mine is now 70% owned by Gem Diamonds Limited (LSE: GEMD) and 30 % owned by the Government of Lesotho.
Gem Diamonds Limited
Gem Diamonds Limited is a leading global producer of high-value diamonds. The Company owns 70% of the Letšeng Diamond Mine in Lesotho. Gem Diamonds Limited has a growth strategy based on the expansion of the Letšeng Diamond Mine while maintaining a solid balance sheet. The Company seeks to maximise revenue and margin from its rough diamond production by pursuing cutting, polishing, sales and marketing initiatives further along the diamond value chain. With favourable supply/demand dynamics expected to benefit the diamond industry over the medium to long term, particularly at the high end of the market, this strategy positions the Company well to generate attractive returns for shareholders in the coming years. Established in July 2005, Gem Diamonds was listed on the main board of the London Stock Exchange in February 2007, raising $635 million. Gem Diamonds Limited trades under the code GEMD. For further information, visit www.gemdiamonds.com.
Government of Lesotho
Known as the Kingdom in the Sky, Lesotho is a nation at peace with itself and its neighbours. Lesotho can be characterised as a stable democracy. It has the Monarch as Head of State and the Prime Minister as Head of Government and local governance structures. Notwithstanding higher-than-average growth over many years, Lesotho’s challenge at the macroeconomic level is to sustain strong investment levels, driven by high domestic saving rates as well as access to international credit markets. This calls for prudent economic and financial sector policies to promote domestic resource mobilisation and retain access to international financial markets.
Key actions that Lesotho has undertaken to integrate into the global economic order include negotiation of trade agreements and bilateral and multilateral cooperation agreements, membership of regional bodies such as CMA, SACU, SADC and retention of support of development partners. Adopted in June 2004 after a process of inception, consultation and formulation, the Lesotho Vision 2020 document presents a broad, long-term framework and guide to the country’s development efforts and the allocation of its modest resources. The document and its vision represent a fundamental shift from the way the country has approached development planning in the past. For further information, visit www.mines.gov.ls, www.gov.ls.