Monday, June 12, 2017
In Lucapa Diamond reported that Lesotho authorities issued a 10-year license to mine diamonds from the project Motae (Mothae) its operator Mothae Diamonds.
The issuance of a production license was one of the preconditions for the acquisition of Lucapa 70 per cent of Mothae Diamonds, said in a statement.
High priority kimberlite project Motae has inferred resources of 1 million carats, and occurring resources at the level of $ 1 billion.
In the Pilot production has been found that Motae contain large diamonds of type IIa, including individual stones weighing up to 254 carats, and diamonds jewelry quality, which are sold for $ 41,500 per carat.
Paragon Diamonds originally tried to reach an agreement with Lucara Diamond, the former majority owner Motae, for $ 8.5 million, but was unable to collect the required amount.
Lucara, however, in March last year, completed the transfer of its shares Motae the Government of Lesotho, which freed the company from all liability related to the restoration of the project.
At the same time, in Lucapa noted that Lesotho Ministry of Mines recently received a lawsuit against the award to her victory in the tender for Mothae Diamonds.
Nevertheless, the Ministry informed us that the claim is groundless, inappropriate, and it will be vigorously challenged in court.
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Despite the fact that some of the sanctions imposed by the US government in Burma have been loosened, a ban on the import of Burmese rubies and precious stones in the United States remains in force.
US Treasury issued General License 20 (GL 20), which is aimed at eliminating unforeseen interruptions in the Burmese trade due to a number of sanctions in the key port of Rangoon. This solution was implemented to support exports from Burma, and at the same time it preserves the integrity of the US sanctions and pressure on some Burmese officials and national authorities, or Specially Designated Nationals (Specially Designated Nationals, SDNs).
GL 20, is aimed at solving the complex problems associated with the use of critical infrastructure, as some sanctions disproportionately affect the export of products from Burma. GL 20 solves this problem by allowing a certain, usually falling under the sanctions deal with sdns, conducted by individuals or legal entities that are not subject to sanctions.
Meanwhile, the United States remains committed to keeping the pressure on sdns, not allowing a business relationship with them. Sanctions against Burma remain in force and include, but are not limited to restrictions on investment in projects of the Ministry of Defense and sdns, as well as an embargo on the importation into the United States of rubies, jade and jewelry Burmese origin, or products containing them.
GL 20 does not signal a change in US policy of sanctions on Burma, and its duration, which solely depend on the transition to a democratic civilian government in Burma and constitutional reforms.
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