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Gem Diamonds to pay higher royalties for Letseng lease renewal

The royalty payable by Gem Diamonds Ltd. to the government over diamonds sold from its Letseng mine in Lesotho increased to 10% from 8% as part of a 10-year renewal to the mining lease, in line with the country's 2005 Mines and Minerals Act.

The company also has an exclusive right to renew the lease for a further 10 years, according to the Oct. 4 release.

The increase in the royalty rate is effective Oct. 3.