Firestone edges closer to production at Liqhobong

Diamond development company Firestone Diamonds revealed its Liqhobong Diamond Mine project was getting closer to completion on Thursday.

It was a joint venture, with Firestone holding 75% and the Government of Lesotho 25%.

The AIM-traded firm said construction was 72% complete at the end of March, and remained on track for initial production in the fourth quarter.

A number of project items were now either complete of more than 98% complete, including the residues storage facility starter well, design and engineering, procurement, earthworks and structural steel fabrication.

The revised capital budget of ZAR 2.1bn remained within the original project budget of $185.4m.

Firestone also claimed its zero lost time injury record was maintained, with around 2.2 million man hours worked as at the end of March.

"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,” said Firestone chief executive Stuart Brown.

“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 Q4."

At 1400 BST, shares in Firestone Diamonds were trading up 8.05% at 31.88p.