Industry News by Nemesis

Firestone’s Liqhobong Mine Construction 85% Complete

July 20, 2016

Firestone Diamonds Plc. has provided an update on construction progress at its Liqhobong Diamond Mine in Lesotho, which now stands at 85-percent complete.


Liqhobong, which is 75-percent owned by Firestone and 25 percent by the Lesotho government, is progressing ahead of target. By this stage, construction was planned to be 81-percent complete. The company said that 18 percent of the plant was commissioned, also ahead of its target.


Firestone is working with a revised capital budget of ZAR2.1 billion, but said that it remains within the original project budget of $185.4 million. Production guidance for financial year ending June 2017 is between 1.8 to 2 million tons, and first diamond sales are anticipated in January 2017.


"I am pleased to report that construction activities at the Liqhobong Diamond Mine have continued to progress well over the last quarter,” said Firestone CEO Stuart Brown. “As at the end of June, construction was ahead of schedule and initial production is now expected in early Q4 2016. The company remains fully financed throughout its ramp-up period...”


Source: Idex

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