22nd July 2024

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Lesotho’s Prime Minister Sam Matekane terminates contract with Letseng Diamonds

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Matekane’s company has been contracted to the diamond mine for almost two decades

MASERU, Lesotho – Matekane Mining Investment Company (Pty) Ltd (MMIC), a company owned by Lesotho’s prime minister, Sam Matekane, has terminated it’s almost two-decade-long load and haul services contract with Letseng Diamonds.

The Gem Diamonds owned mine is arguably the biggest diamond mine in Lesotho. It had subcontracted MMIC to provide load and haul services since 2005.

The London Stock Exchange listed Gem Diamonds owns 70 percent of the mine while the Lesotho government owns the 30 percent remainder.

According to a statement issued by Letseng on Wednesday, existing mining services contract will terminate with effect from 1 December 2023, 11 months ahead of its scheduled expiry date.

The end of the 18-year partnership will see Gem Diamonds buy MMIC plant at the mine for an undisclosed amount and also absorb Matekane’s staff which he had employed to operate at the mine.

Read more on the subject.

GEM ends haulage contract with Lesotho prime minister’s company

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This, Letseng perceived as a measure which would save it millions as it would no longer outsource load and haul services.

It also distances the mine from political affiliation as Matekane is now a politician – the leader of Lesotho’s ruling party, Revolution For Prosperity (RFP) which he started last year in March ahead of the country’s National Assembly general elections which rendered him the premier.

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