Firestone Diamonds (FDI)  plc, the AIM-quoted mining and exploration company, has released an update on its mining operations in Lesotho and Botswana and concluded its first diamond tender of 2012, where all available stock was sold. AIM is a sub-market of the London Stock Exchange that allows smaller companies to float shares under more lax regulations than the primary market.

Firestone’s latest operations update is available on its website. Firstone shares fell by more than 7%. Firestone Diamonds 2012 tender was held between January 23-February 2, and was attended by 35 diamond buyers. 23 bids were submitted.

“Our recent diamond tender was very well attended and the prices we received for the higher quality stones indicate continued strong demand, whilst the near gem and smalls remain under pressure. We remain cautiously optimistic for the months ahead,” said the company’s chief executive, Tim Wilkes.

Firestone, who owns majority stakes (75%)  in Liqhobong mine in Lesotho and the BK11 mine in Botswana, says it is very pleased with the performance of its plant at the Liqhobong mine in Lesotho—a country that is emerging as one of Africa's significant new diamond producers. Firestone is also the largest holder of diamond exploration rights in Botswana's diamondiferous kimberlite fields.

In 2011, Liqhobong diamonds achieved an average price of $181 per carat, an increase from it’s 2010 price of $98.

"We are implementing a programme of continued improvement and enhancement to maximize the recovery of diamonds and we are confident that we will see positive results over the coming weeks,” said Wilkes, who took over as CEO in 2011, replacing the company co-founder Philip Kenny who had held the position of CEO from 1998-2011.

 

 

 

 

 

Related Articles: