Industry News by Nemesis

Firestone Upbeat on Early Liqhobong Results

April 28, 2017

Firestone Diamonds continues to yield large special stones at its Liqhobong mine in Lesotho and expects to complete the “ramp up” phase of the operation in the coming months, the company announced Wednesday.

The miner recovered 31 stones above 10.8 carats in the third fiscal quarter, which ended March 31, compared with 27 in the previous quarter, it said. In addition, the mine’s first stone to exceed 100 carats — a 110-carat, gem-quality light yellow diamond — was discovered in April, the company reported.

Total output at Liqhobong — where production launched in October — rose to 103,000 carats during the quarter, up from 58,000 carats in the previous three months. Firestone expects production for the full fiscal year, which ends June 30, to reach 300,000 carats.

The quarter also saw two sales in Antwerp during February and March, at which the miner sold all 127,590 carats it was offering and garnered a total of $13.7 million — an average price of $107 per carat.

 

Source: Rapaport

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