20th Jul 2016 08:22
LONDON (Alliance News) - Firestone Diamonds PLC on Wednesday said construction at the Liqhobong diamond mine in Lesotho is now 85% complete, ahead of its revised target of 81%.
The diamond development company said the plant is also ahead of target, with 18% commissioned as at the end of June.
Initial production at the mine is now expected early in the fourth quarter of 2016, with full production rates expected to take at least six months. Its production guidance for the full financial year ending June 2017 is now between 1.8 million and 2.0 million tonnes, and first diamond sales are anticipated in January 2017.
"I am pleased to report that construction activities at the Liqhobong Diamond Mine have continued to progress well over the last quarter. As at the end of June, construction was ahead of schedule and initial production is now expected in early quarter-four 2016. The company remains fully financed throughout its ramp-up period and expects to host its first diamond sale in January 2017. The excitement and momentum is building nicely and we are looking forward to the recovery of our first carats in quarter-four 2016," Chief Executive Stuart Brown said in a statement.
Shares in Firestone were trading up 3.1% at 32.99 pence on Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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