Firestone Diamonds plc has announced that its 75-percent owned Liqhobong diamond mine in Lesotho is on track for initial production in the fourth quarter of 2016.
The diamond development company, which is a co-owner of the mine with the Lesotho government, said that construction was more than 60 percent complete, and in line with the revised schedule released in June.
According to Firestone, the project was also on budget with a projected total spend of ZAR 2.08 billion ($126.4 million). The company said that it had benefited from the depreciation of the South African rand against the dollar.
"I am pleased to report that good progress was made at Liqhobong during the last quarter and that we have made an excellent start to 2016. The Project is therefore firmly on track and I and the team look forward with excitement to 2016 and to achieving initial production in Q4," said Firestone chief executive, Stuart Brown.