FDI.L Share News (FDI)

It has been a busy year for AIM-quoted Firestone Diamonds which has started to sell diamonds from its BK 11 mine in Botswana. Last July, Firestone became the third mining junior to produce diamonds from a kimberlite mine when it commenced production at BK11 in Botswana. This was followed by the acquisition of AIM-quoted Kopane Diamonds in the autumn, which brought with it the Liqhobong mine in Lesotho, which Kenny has been quoted as describing as the "most attractive undeveloped diamond mine in the world"Having raised £13m before the end of 2010, Firestone has the cash it needs to get Liqhobong and BK 11into full production this year and move towards its target of the group producing 1m carats a year by 2014. Revenues were £1.05m in the six months to December 2010. The loss increased from £1.02m to £1.64m, mainly due to foreign exchange movements. Firestone generated £744,000 from operating activities in the six month period. Philip Kenny has moved to the position of executive chairman. Chief operating officer Tim Wilkes, who joined Firestone from De Beers in 2005, replaces him as chief executive. A new finance director will be appointed. Firestone expects to obtain a listing on the Botswana Stock Exchange in the second quarter of 2011.