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  Lets'eng Diamonds' Shareholders

The mining rights for the Lets'eng Mine were acquired by Lets'eng Diamonds (Pty) Ltd in 1999. Lets'eng Diamonds (Pty) Ltd is now 70 percent owned by Gem Diamonds and 30 percent owned by the Lesotho Government.

 Gem Diamonds

Gem Diamonds is a leading global producer of high value diamonds. The Company owns 70% of the Lets'eng mine in Lesotho and is currently developing the Ghaghoo mine in Botswana. Gem Diamonds has a growth strategy based on the expansion of the Lets'eng mine and the development of the Ghaghoo mine, while maintaining its strong balance sheet. The Company seeks to maximise revenue and margin from its rough diamond production by pursuing cutting, polishing and sales and marketing initiatives further along the diamond value chain. With favourable supply/demand dynamics expected to benefit the diamond industry over the medium to long term, particularly at the high end of the market, this strategy positions the Company well to generate attractive returns for shareholders in the coming years.

Established in July 2005, Gem Diamonds listed on the main board of the London Stock Exchange in February 2007, raising US $635-million. Gem Diamonds trades under the code GEMD.

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Government of Lesotho

Known as the Kingdom in the Sky, Lesotho is a nation at peace with itself and its neighbours. Lesotho can be characterised as a stable democracy. It has the Monarch as Head of State and the Prime Minister as Head of Government and local governance structures. Governance has been strengthened by the recently adopted system that has enabled 10 political parties to be represented in parliament.

Notwithstanding higher-than-average growth over many years, Lesotho's challenge at the macro-economic level is to sustain strong investment levels, driven by high domestic saving rates as well as access to international credit markets. This will call for prudent economic and financial sector policies, firstly to promote domestic resource mobilisation and secondly, to retain access to international financial markets.

Key actions that Lesotho has undertaken to integrate into the global economic order include negotiation of trade agreements and bilateral and multilateral cooperation agreements, membership of regional bodies such as CMA, SACU, SADC and retention of support of development partners.

Adopted in June 2004 after a process of inception, consultation and formulation, the Lesotho Vision 2020 document presents a broad, long-term framework and guide to the country's development efforts and the allocation of its modest resources. The document and its vision represents a fundamental shift from the way the country has approached development planning in the past.

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