https://www.miningweekly.com
Business|Diamonds|Mining|Equipment
Business|Diamonds|Mining|Equipment
business|diamonds|mining|equipment

Gem, MMIC agree to terminate Letšeng load and haul contract

15th November 2023

By: Creamer Media Reporter

     

Font size: - +

London-listed Gem Diamonds has reached agreement with Matekane Mining Investment Company (MMIC) to terminate MMIC's load and haul contract at the Letšeng mine, in Lesotho, with effect from December 1.

Letšeng's management had been considering options in respect of the contract following the election of MMIC owner Sam Matekane as Prime Minister of Lesotho in October 2022, which resulted in him being designated a politically exposed person.

The contract termination is 11 months ahead of its scheduled contractual end date.

The mine will now insource the load and haul activities and will acquire the mining equipment in use at Letšeng from MMIC. It will also offer employment to MMIC employees who are currently working exclusively for Letšeng, in line with operational requirements.

This will enable Letšeng to continue seamlessly with its mining activities.

"This transaction brings a long-standing and successful business relationship we've enjoyed with MMIC, since 2005, to an end. The transaction resolves important issues relating to governance and conflicts and will lead to operational efficiencies and cost reductions being achieved," says Gem CEO Clifford Elphick.

 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 01 November 2024
Magazine round up | 01 November 2024
1st November 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.056 0.086s - 128pq - 2rq
Subscribe Now