Paragon Diamonds gets 10m dollars in project financing
Paragon Diamonds, the Lesotho focused diamond explorer, has won the financing needed to bring its Motete Dyke operation to production.
Paragon Diamonds, the Lesotho focused diamond explorer, has won the financing needed to bring its Motete Dyke operation to production.
A memorandum of understanding has been signed with the group's local partner, the Matekane Group of Companies, to provide up to US$10m of project financing.
The loan will be repaid from free cash flows once Paragon's initial costs have been recovered, with the interest rate fixed at 2% above US dollar LIBOR.
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Paragon Chairman Francesco Scolaro said: "This is a significant milestone for the company, especially considering we only started exploring at Motete in December 2011 and now expect to be in production in 2013."
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