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Firestone Ups Liqhobong Production Forecast

Jun 25, 2017 4:13 AM   By Rapaport News
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Firestone Diamonds has raised its production outlook for the Liqhobong mine to 360,000 carats for the fiscal year ending June 30.

Operations at the Lesotho-based project, which the company initially predicted would produce 300,000 carats, “continue to progress well, and recoveries and grade are improving in line with management’s expectations,” Firestone said Thursday.

The project yielded 31 stones above 10.8 carats in the third fiscal quarter, which ended March 31, compared with 27 in the previous quarter. In addition, the miner unearthed one gem-quality, light yellow diamond weighing 110 carats at the site in April. Demand was strong at the inaugural sale of rough from the mine in February, though smaller stones drew weakened prices due to market conditions, the company said at the time.

Meanwhile, Firestone has also started repaying its $82.4 million debt to South African bank ABSA in quarterly installments, making its first payment in March following initial production, the miner said in its Thursday statement. Additionally, the company has extended a separate $15 million loan from Resource Capital Fund VI, subject to certain terms, to ensure it has enough financial and operational flexibility.
Tags: ABSA, Debt, Firestone, Firestone Diamonds, Lesotho, Liqhobong, Liqhobong mine, mining, Production, Rapaport News, Resource Capital Fund VI
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