A NEW mining town financed to the tune of M1 billion by a local company - Paramount Equipment Lesotho will be constructed in Tlaeng, Mokhotlong.

Prime Minister Dr Moeketsi Majoro led a sod-turning ceremony for the development of the town on Friday.

Paramount Equipment Lesotho is a Basotho owned company that has joined efforts with its partners from other African countries to invest and provide professional engineering and technical services in the country.
In his key note address at the event, Dr Majoro commended the company for its dedication to providing value added services to customers, from an engineering and supply of new undercarriage components perspective locally as well as to provide mechanical skills for Basotho.
The government he said appreciates the intentions of the company on technical skills development and encouraged it to engage local tertiary institutions on curriculum development for appropriate technology to be introduced in local institutions.
He was hopeful that the initiative will contribute towards youth unemployment which is a major crisis in Lesotho, adding that it is time to be resourceful in order to address the problem.

He pledged government’s support to the private sector in creating job opportunities for the youth as the role of the private sector is to drive the economy of the country.
The premier urged the company to protect the environment while it undertakes its operations.
For his part, the Managing Director of Paramount Equipment Lesotho Hubbard Monaheng said they intend to develop a mining town that will comprise a workshop where repairs and servicing of equipment used in the local mining industry will be done as well as to establish a training centre to provide mechanical skills for Basotho.
A sum of M1 billion has been pledged for investment in the establishment of the mining town for the next five years and M300 million will be used immediately in 24 months to kick start the operations.