Firestone Diamonds’ strategy is to become an efficient mid-tier diamond producer through the development of its flagship asset, the Liqhobong Mine, in the Lesotho Highlands.
The Liqhobong Diamond Mine is owned 75% by Firestone and 25% by the Government of the Kingdom of Lesotho. The Company commenced construction of the Main Treatment Plant and related infrastructure at the Liqhobong Diamond Mine in July 2014 with initial production, 1 million carats per annum, targeted during Q4 2016.
Lesotho is emerging as one of Africa’s significant new diamond producers, and also hosts the Letseng Mine as well as the Kao Diamond Mine and the Mothae development project of Lucara Diamond Corporation.
The Company also owns the BK11 mine in Botswana which remains under care and maintenance and Lahtojoki in Finland which contains known diamond-bearing kimberlites of potential economic interest.
In July 2015 the Company entered into a conditional agreement for the disposal of the BK11 mine and Botswana operations to Tango Mining Limited (TSXV: TGV) for a total cash consideration of US$8.0 million.
The Company also owns the Lahtojoki project in Finland (100%) and is currently looking to find a suitable joint venture partner to execute the required bulk sample work for the next stage of the project.
Closing share price
|FY, 2016||FY, 2014|
|£360 K||£2.63 M|
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