Lesotho PM Eyes Future Beyond Diamonds

(IDEX Online) - The prime minister of Lesotho - which relies on diamonds for at least a fifth of its export revenue - says the country's future lies in rare earth minerals.

Ntsokoane Samuel Matekane told a conference in Australia that rare earth elements (REE) would be Lesotho's "new jewels", after diamonds.

REEs, found in Lesotho's coal deposits, are highly prized in high-tech devices, renewable energy, batteries for electric vehicles and beyond.

Matekane said diamond prices were at historic lows, demand was being reshaped by lab growns and mining companies worldwide were retrenching thousands of workers.

In Lesotho, Gem Diamonds, the country's biggest diamond miner, announced last week that it was laying off 240 workers after a 42 per cent drop in H1 revenue, and could close its Letseng mine four years earlier than planned.

Matekane, who made much of his personal multi-billion dollar fortune from diamond mining, told Africa Down Under 2025, in Perth last week: "We aim to diversify into critical minerals by opening up exploration of rare earth elements and, therefore, we invite you as investors and partners to join us in joint ventures, technology partnerships, and new projects that will grow with Lesotho."

He said diamonds will remain "part of our crown . . . but our future crown will shine with new jewels: rare earths".

Pic shows Lesotho's prime minister Ntsokoane Samuel Matekane at the conference.