23rd Oct 2013 12:04
LONDON (Alliance News) - Firestone Diamonds PLC Wednesday said it has increased its base diamond price at its Liqhobong Diamond Mine in Lesotho, excluding its potential large stones, to USD107 per carat.
The Lesotho- and Botswana-focused diamond mining and development company said its decision to update the resource came after analysis of the pilot plant's diamond production over the past 22 months.
Firestone diamonds said that the new base diamond pricing represents an increase in its expected revenues to USD2.35 billion.
The company also said that the expected price would be increasing further to USD156 per carat, with expected revenues of USD3.4 million if you include possible diamonds over 100 carats.
Firestone Diamonds said the pilot plant has recovered roughly 325,000 carats during the period between September 2011 and July this year.
Firestone Diamonds shares were down 2.4% to 4.27 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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