Firestone Diamonds has lowered its production outlook for the current financial year, aiming instead to improve long-term prospects at its Liqhobong mine in Lesotho.
The company expects to produce 800,000 to 850,000 carats of rough diamonds in the fiscal year ending June 2018, in contrast to an earlier forecast of 1 million carats, it announced Tuesday. It also expects the change to impact revenue for the year.
Following a review of operations at Liqhobong, where production started last year, Firestone decided to focus on accessing the lower areas of the pit that have historically contained higher-grade ore and higher-value diamonds, it said. However, the company explained, it will have to work on extracting waste rock, resulting in lower recovery of diamonds in the coming year.