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Firestone on Track to Commence Liqhobong Production in 2Q 2016
Dec 2, 2014 4:46 AM
By Avi Krawitz
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RAPAPORT... Firestone Diamonds expects to resume production at the Liqhobong mine in Lesotho in the second quarter of 2016 following a major overhaul of the project.
The company confirmed that it is on time and within budget for the mine development project, which commenced in June 2014 and is expected to take 24 months to complete. The project includes the construction of a new main treatment plant and supporting infrastructure that is projected to treat 3.6 million tonnes of ore and recover approximately 1 million carats of diamonds a year.
The company previously stated that it would need about $222 million to construct and commission Liqhobong’s main treatment plant. Firestone reported that approximately $36.3 million (ZAR 400 million) has been spent on the project so far. Orders worth about $116 million (ZAR 1.28 billion) have already been secured for its engineering, procurement, contract and management budget.
The final conditions for a $82.4 million debt facility from Absa bank are expected to be completed by March 2015, which is when Firestone will need to draw down the Absa facility.
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Tags:
Avi Krawitz, diamonds, Firestone Diamonds, Liqhobong, Rapaport
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