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Firestone Diamonds shrinks losses

Wed, 24th Nov 2010 08:00

Aim listed South African diamond miner Firestone Diamonds reduced full year losses and said it was confident of reaching its target of producing 1m carats per annum by 2014.The group, which has mines in Botswana and Lesotho, said losses before tax narrowed to £2.4m for the year ended 30 June 2010 from a loss of £10.8m a year earlier. Revenue fell to £3,000 from £4m earlier."We are confident that the target of producing 1m carats per annum by 2014 is one that the company is now well positioned to reach," the group said. It added, "With Firestone planning to be producing at both BK11 and Liqhobong in 2011, an exciting portfolio of projects to evaluate in Botswana, and the continued positive outlook for the rough diamond market, we believe that the prospects for Firestone are brighter than at any time in the company's history."Firestone said newly appointed chief operating officer Tim Wilkes is expected to join the board shortly and a number of candidates have been identified for the finance director position.