RNS 4/10/13 sums it up.16 Oct 2013 17:42
Final results for the year ended 30 June 2013
LONDON: 4 October 2013
The Board of Firestone Diamonds plc, ("Firestone" or "the Company"), the AIM-quoted diamond mining and development company (AIM: FDI), is pleased to announce its final audited results for the year ended 30 June 2013.
Highlights:
RESTRUCTURING INITIATIVES
· Stuart Brown appointed as CEO designate on 2 September 2013
· Unlocking value from the non-core Botswana assets through disposal or joint venture arrangements
· Successful sale of South African alluvial assets
FINANCIAL
· Revenue increased by 52% to £9.9 million (2012: £6.5 million)
· Cash operating loss decreased by 88% to £1.0 million (2012: £8.3 million)
· Care and maintenance costs decreased by 50% to £0.4 million (2012: £0.8 million)
· Corporate expenses decreased by 17% to £1.9 million (2012: £2.3 million)
· Loss for the year decreased by 52% to £14.5 million (2012: £30.4 million)
· Placing concluded on 19 August 2013 raising £3.8 million net of expenses
LIQHOBONG MINE, LESOTHO
PILOT PLANT
· Cash operating loss reduced by 79% to £1.0 million (2012: £4.8 million)
· Grade and diamond quality in line with expectations
· Nine +100 carat stones broken valued at US$15-25 million
MAIN TREATMENT PLANT ('MTP')
· DFS results announced on 25 October 2012
· Pre-tax NPV8% of US$335 million at a project level
· Financing discussions well advanced
OUTLOOK
· Focused on Liqhobong, with the goal of becoming a +1 million carat per annum producer from 2016