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Firestone's Liqhobong Tenders Net $4M

Jul 25, 2012 5:02 AM   By Deena Taylor
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RAPAPORT... Firestone Diamonds sold a total of 45,773 carats from its Liqhobong mine for $4.14 million at its ‎dual tenders held in Gaborone and Antwerp in July. The sale achieved an average price of $91 ‎per carat, compared with the $71 per carat fetched during the April-to-June quarter.

The company reported continued strong demand for higher-quality stones while some ‎pressure remains on poorer-quality and smaller stones. The tender included the sale of three ‎large stones with an average size of 138 carats and numerous fancy yellow diamonds with a ‎combined weight of 500 carats.

Firestone expects further improvement in diamond value from the mine following the ‎completion of the recent plant modifications at Liqhobong in June and July 2012, which will ‎reduce the breakage of stones and enhance the recovery of larger diamonds.

Production at Liqhobong fell 9 percent below plan during the second quarter to 49,240 ‎carats. The mine achieved a grade of 32.3 carats per hundred tonnes, which was 16 percent ‎below target due to continued mining of the lower grade K2 ore while the company allows for ‎the higher-grade K5 ore to be mined and processed through the newly modified plant.

Separately, Firestone announced the appointment of Julian Treger and Mike Wittet as non-‎executive members on its the board of directors, while Grant Ferriman joined the company as ‎chief financial officer. ‎
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