Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Paragon Diamonds (LON:PRG) said Monday it has commissioned three companies for scoping and drilling work to help to move its Lemphane kimberlite project in Lesotho to inferred resource status.
Paradigm Project Management, , a multi-disciplinary mining consultancy with extensive operational experience in the African country, will undertake a first pass scoping study to design an operational model for the development of Lemphane.
Rodio Geotechnics has been contracted for an initial 2,000m deep delineation drilling programme to identify the structure at Lemphane down to 350m, while consultant AMEC undertake full geological and 3d modelling of the Lemphane kimberlite.
Stephen Grimmer, Paragon managing director, said: “These work programmes on the Lemphane Kimberlite, together with our on-going bulk sampling programme, are intended to advance the project towards an inferred resource status, and in conjunction with the planned application for a Mining Lease, allow us to determine the economic potential of our flag-ship project.
Paradigm’s study, which will be completed and delivered to the company by the end of February 2013, will support the mining lease application, which will be submitted to the Lesotho Department of Mines this quarter.
