Firestone Diamonds Lowers 2018 Production Guidance

Mining and Exploration
08/08/2017 10:50

Firestone Diamonds, the AIM-listed junior mining company operating the Liqhobong Diamond Mine in the Kingdom of Lesotho (ownership Firestone 75%, Lesotho 25%), has revised its production guidance for the year to 30 June 2018 (FY 2018) to between 800,000 and 850,000 carats from previously-stated 1.0 million carats. The company recently commenced a review of its current life of mine plan in order to optimise mining operations. As part of this review, the company writes, Firestone will be extending the mining of the weathered kimberlite over the coming months, in order to access the lower areas of the pit that have historically yielded higher grade and higher value diamonds. Firestone also plans to mine additional waste rock in the coming year, in order to improve the long term mining operations.

As a result, although the overall life of mine carats is not anticipated to change, the revision is expected to impact revenues in the current financial year. Further details of the optimised mine plan will be announced in CY Q4 2017. Firestone commenced commercial production in July 2017, and markets its rough diamonds in Antwerp.