Letseng Diamonds Planning London, Johannesburg Flotation

Letseng Diamonds, which reopened a Lesotho diamond mine last year that had been abandoned by De Beers 22 years earlier, is planning to list in London and Johannesburg with the aim of raising around 200 million rand ($33 million).

The Letseng mine, the highest in the world at an altitude of 3,100 meters, is in the southern African kingdom of Lesotho which is encircled by South Africa. It has produced some of the largest diamonds in the world, and since re-opening the 10 largest stones mined have brought the firm almost $22 million in revenues.

The company said 76 percent of the mine, equally owned by South African miner JCI and black empowerment group Matodzi Resources, would be floated. The government of Lesotho would continue to own the remaining 24 percent.

Letseng Diamonds says output from the mine has beaten forecasts, and money raised from the flotation would be used to double the mine's capacity.

The mine was operated by De Beers between 1977 and 1982 and was closed with less than 20 percent of the open pit ore being treated.

In the past, the mine produced a number of large diamonds, including a 215-carat diamond and a 95-carat stone that were found in 2003.

The biggest diamond ever mined at Letseng was the 600-carat Lesotho Brown.