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Paragon adds Mothae to diamond asset base

AIM-listed Paragon Diamonds has added a second asset to its development base after signing a memorandum of understanding (MoU) with Lucara Diamond for its 75% stake in the Mothae project in Lesotho.

It has agreed to pay US$8.5 million in cash for the acquisition, while granting Lucara a right to 5% of profits achieved from both polished and rough diamond sales from Mothae up until 6.