Paragon Diamonds (LON:PRG) has re-jigged the board of its Meso Diamonds subsidiary in Lesotho.
Meso, which is 80% owned by Paragon and 20% by the Lesotho government, holds the mining lease over the Lemphane diamond project.
The Lesotho government has now appointed two non-executive directors, Mothabathe Hlalale and Tšepang Mara, to Meso’s board in line with the terms of the mining lease.
Paragon, meanwhile, has nominated the group’s executive chairman Philip Falzon Sant Manduca and group finance director Simon Retter to join Meso’s board.
Stephen Grimmer, Paragon’s managing director and Sam Matekane, chairman of 10% shareholder Matekane Mining will continue as directors of Meso with Grimmer to become its executive chairman.
Grimmer welcomed the new board members at a crucial stage in the company’s development as Lemphane is fast-tracked towards Stage 1 production next year.