14th Apr 2016 08:46
LONDON (Alliance News) - Firestone Diamonds PLC on Thursday said it is making progress with the Liqhobong diamond mine in Lesotho.
The diamond development company said construction of the mine was 72% complete at the end of March and that the project remains on track for initial production in the fourth quarter of 2016.
Projects which are either fully or over 90% complete include the residues storage facility starter wall, design and engineering, procurement, earthworks and structural steel fabrication.
Firestone owns 75% of the project.
"The last quarter saw favourable weather conditions at site and the granting of a number of work permits by the Government of Lesotho, our 25% partner in the project, contributing towards completing a number of key project components," Chief Executive Stuart Brown said in a statement.
"Firestone remains fully funded to completion of the project, production ramp up and the first sale of its Liqhobong diamonds and I look forward to providing further updates as we move towards project commissioning in quarter-four," he added.
Shares in Firestone were trading up 3.4% at 30.50 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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