Lesotho

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Source: CIA Factbook

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• Lesotho Minerals

Diamond

Minki van der Westhuizen, at the Letseng mine in Lesotho, displays four diamonds with a combined weight of 366 carats. At the time, the operating company expected them to fetch a minimum of US$6 million.
Source: JCI

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A large proportion of the country is underlain by the southern portion of the Archean Kaapvaal craton, host to kimberlites and economic diamond deposits in southern Africa. More than 200 kimberlite occurrences are known in Lesotho, primarily dykes but including approximately 33 volcanic pipes of which 24 are reportedly diamondiferous. They are Cretaceous in age and intrude flat-lying Triassic sedimentary rocks and a thick sequence of Jurassic flood basalt.
The country has a long history of diamond production, mainly from alluvial deposits. De Beers mined the Letseng la Terae kimberlite between 1976 and 1982 and produced in the order of 280,000 carats. The Letseng la Terae kimberlite was recently put back into production and has the distinction of producing some of the highest dollar value per carat diamonds in the world. Diamond grades at Letseng la Terae are very low, between 2 and 2,5 carats per one hundred tonnes of kimberlite, but diamond value is reported to be over US$1,000 per carat. This high average diamond value is a result of consistent but infrequent recovery of very large, exceptional quality diamonds.
Other Lesotho kimberlites of economic interest and in varying stages of development / evaluation include the Liqhobong, Kao and Kolo occurrences.

Lesotho Kimberlite Locality Map

• Gem Diamonds Ltd [LSE:GEMD] is operating the Letšeng mine. It has been producing 50,000 carats a year, but, with fresh investment under its new owners, it plans to double that to about 100,000 carats a year.
  Letšeng Diamonds Limited is owned 70% by Gem Diamonds and 30% by the Government of the Kingdom of Lesotho. Operated by De Beers between 1977 and 1982, Letšeng was reopened in 2004 and acquired by Gem Diamonds in 2006. Letšeng Mine consists of two primary vertical kimberlite pipes, together with deposits of alluvial gravels. The two pipes are adjacent with cone-shaped sections and confirmed vertical depths of 495 m and 655 m, respectively. Recent average grade across the two pipes is 2,06 cpht. Letšeng currently has a processing capacity of approximately 2,6 million tonnes per annum, but a recent decision to invest US$45 million in its processing capacity will see this double to 5,2 million tpa by end 2008. Letšeng has produced two of the world's largest diamonds - the 601 cts Lesotho Brown in the mid 1960's and the 603 cts Lesotho Promise recovered in September 2006 (the 15th largest diamond ever recovered). The Lesotho Promise was sold for US$12,4 million.

The Lesotho Promise diamond weighing 603 carats which was sold for $12,4m.
Source: Gem Diamonds

• Motapa Diamonds Inc is exploring the Mothae kimberlite where previous sampling undertaken in 1966 by Lonrho Ltd , yielded a grade of approximately 2,8 carats per hundred tonnes.

• European Diamonds plc [AIM:EPD] has a near-surface resource at its Liqhobong project in Lesotho of 13,4 million tonnes at 0,283 carats per tonne with a gross value of $265m at an estimated $70/carat. The company is currently (2007) producing around 20,000 carats/month from the mine, with plans for an expansion. The independently verified resource at the main pipe kimberlite has been measured to 45 metres below surface. The main kimberlite pipe is known to extend to 650 metres below surface. Shareholders of European Diamonds approved the proposed name change to Kopane Diamond Developments in November, 2007. The company’s stock ticker number, which was previously EPD, will become KDD, and the new website address will be http://www.kopanediamonds.com
  

• Thabex Exploration [JSE: TBX], through 80%-owned, Angel Diamonds Pty) Ltd, is exploring the Kolo kimberlite pipe, 38 km south-west of Maseru in the Mafeteng district.

• Lesotho Diamond Corporation plc (Registered in Gibraltar) has the rights to the Kao kimberlite pipe in Lesotho's Buthe Buthe district and was attempting to raise money to develop a mine. River Diamonds plc (RVD.L) announced in April 2007 that they have entered into an agreement to purchase a 4,8% working interest in Lesotho Diamond Corporation plc for £4 million with an option to acquire a further 2,3% by 20th April 2008 for £2,121,212. The Kao pipe has a proven and probable reserve of 147 million t at a grade of 6,9 carats per hundred tonnes. SRK Consulting has calculated the Net Present Value of Kao to be £129m, assuming a base case of US$240/carat. In May 2007 Pangea Diamond Fields had a conditional cash and shares offer accepted to buy at least 40% of Lesotho Diamond Corporation (LDC). According to Pangea's statement, key shareholders in LDC approached Pangea to make a rival offer after an agreement was struck to sell shares in LDC to River Diamonds.