Leemisa Thuseho
LETŠENG Diamonds has spent M108 million on Corporate Social Responsibility Investments (CSRI) initiatives in the last 11 years, the mining company has said.
According to Letšeng Diamonds Corporate Social Responsibility Manager, Ts’epo Hlojeng, the M108 million was used to fund an array of community projects from 2012 to 2023.
He spoke at the mine’s recent media engagement session at its Maseru head office.
The purpose of the session was firstly, to formally create a formal platform on which Letšeng Diamonds could engage with the media, and by extension the public.
It was also aimed at strengthening the already existing relationship between the media and the mine and explore further how the two stakeholders could work together.
The session also told the history of the mine, how it operated, challenges experienced, as well as its undeniable contribution to Lesotho’s economy.
According to Mr Hlojeng, as per their mining agreement with the state, they were obliged to allocate 1% of dividends or M5 million (whichever is greater) towards CSRI initiatives.
“As per our mining agreement, we are obliged to allocate 1% dividends or M5 million, whichever is greater between the two, towards CSRI activities,” Mr. Hlojeng said.
“We are also obliged to take 1% of the value of any special stone (300 carats and upwards) to a special project or M500 000, whichever is greater. Again, we have to offer internship programmes to 8 to 15 students per annum and also establish a student fund.”
He said the objective of the CSRI was to maintain strong relationships with local communities and other stakeholders, extending to the entire Basotho nation as part of their business strategy.
He said their CSRI initiatives ranged from enterprise development projects, infrastructure projects, health related projects, educational projects, and sponsorships.
“We want to be a responsible corporate and the way we do this is via our CSRI projects. We are guided by a policy which focuses on issues related to education, health and infrastructure amongst others. As per the policy, we must invest on sustainable projects,” he said.
Apart from the M108 million CSRI contribution from 2012 to 2023, Mr Hlojeng said the mine had also spent M2.6 billion in royalties, M1.4 billion in dividends, M3.1 billion in taxes to the Lesotho government, as well as M21.6 billion on local procurement.
He also disclosed at the session that Letšeng could be counted among Lesotho’s significant employers with 1119 employees in its books.
Speaking of the key challenges faced by the mining industry in general, Letšeng Diamonds Chief Executive Officer, Matooane Thinyane, cited global inflation, market weakness, economic slowdown, threats from synthetic diamond production and political disturbances amongst others.
He said it had come to their realization, that there was lack of understanding on some issues related to what the mine was about, how it worked and its contribution to the country’s economy.
“We are a company that operates within communities and the entire Basotho nation, and they all have interest on issues related to the mine,” Mr Thinyane said.
“But when reading newspapers, listening to radio’ stations or even ordinary peoples’ conversations, as well as in parliament, one will conclude that there is lack of information about Letšeng Diamonds. And that leads to misinformation. So, we have started, through the media, to reach out to the public, sharing information about the mine, its works, and achievements.
“With this session we are trying to create a sense of how we can relate with the media. We are not asking the media to be our friends but looking for cooperation. We would like to continue to be held accountable.”
That session also saw attendants being given a tour of the Letšeng Diamonds Discovery Centre.
