25th Jan 2016 08:13
LONDON (Alliance News) - Firestone Diamonds PLC said on Monday construction on its Liqhobong Diamond Mine was on track, with initial production in line to begin at the end of the year.
The diamond development company said construction was now 61% complete. Production began on the mine in the last quarter of 2015, after the project was pushed back due to ""increased overburden and adverse weather conditions," the company said back in June.
The company said more than 1.8 million man hours had been logged up to the end of December at the mine, which is owned 75% by Firestone and 25% by the government of Lesotho. Its expenditure also on track and within the revised capital budget of ZAR2.1 billion.
"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 the fourth quarter," said Stuart Brown, Firestone's chief executive.
Firestone was untraded on Monday morning, having last traded at 17.26 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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