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Firestone Diamonds Starts Disposal Process For Botswana Operations

Thu, 14th Aug 2014 09:31

LONDON (Alliance News) - Firestone Diamonds PLC Thursday said it has started the disposal process for its Botswana operations.

The AIM-quoted diamond development company said it has appointed Africa-based corporate finance adviser Questco Pty Ltd to manage the sale process.

Firestone's primary asset in Botswana is its BK11 mine. Following a strategic review, the mine was placed under care and maintenance in February 2012, when Firestone decided to focus on the company's interests in the Lesotho, for which it raised USD225.2 million earlier this year.

"The board has therefore considered various strategic alternatives for its Botswana operations and, given the extent of the interest expressed in the BK11 mine, has decided to undertake a competitive disposal process," the company said in a statement.

Firestone Diamonds shares were down 0.4% at 37.60 pence Thursday morning.

By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty