RNS not shown on LSE?14 Sep 2017 21:58
Not sure why, but this RNS release is not shown when looking through the live RNS announcements?
Released : 17 Jul 2017 07:00
RNS Number : 1789L
Firestone Diamonds PLC
17 July 2017
17 July 2017
Firestone Diamonds plc
("Firestone", the "Group" or the "Company") (AIM: FDI)
Quarterly Update and Commencement of Commercial Production
Firestone Diamonds plc, the AIM-quoted diamond company, is pleased to provide its quarterly update on commissioning activities at its Liqhobong Diamond Mine ("Liqhobong" or the "Project") for the quarter ended June 2017 (Q4 of the Company's financial year). Liqhobong is owned 75% by Firestone and 25% by the Government of Lesotho.
Highlights for the quarter ended 30 June 2017
· Plant commissioning activities completed and full nameplate targets reached for all three months of the quarter
· 925,000 tonnes treated (Q3: 639,000 tonnes) bringing total for the financial year to 1,966,000 tonnes, at upper end of guidance range of 1,800,000 to 2,000,000 tonnes
· 204,000 carats recovered at a grade of 22 carats per hundred tonnes ("cpht") (Q3: 103,000 carats at a grade of 16.1 cpht) bringing total carats recovered for the financial year to 365,000 at an average grade of 18.6 cpht, ahead of guidance (360,000 carats)
· Recovery of 54 special stones (larger than 10.8 carats) as well as the continued recovery of fancy yellow diamonds (Q3: 31 special stones), a total of 112 special stones were recovered during the financial year
· Two scheduled diamond sales held during the quarter in Antwerp saw 182,786 carats sold, generating total sale proceeds of US$14.1 million, achieving an average price of US$77 per carat, due to different sales mix compared to previous quarter
· Diamond sales for the financial year saw 310,376 carats sold, generating total sale proceeds of US$27.8 million, achieving an average price of US$90 per carat
· Continued strong operating cost management resulting in US$11.3 per tonne treated for the quarter and US$11.6 per tonne treated for the year, slightly below bottom end of guidance
· Following the completion of commercial production testing, Firestone commenced commercial production and ceased capitalising Project expenditure from 1 July 2017
· As at 30 June 2017, cash on hand was US$17.3 million, which includes the US$5.0 million drawn down from the extended US$15.0 million standby facility, with US$10.0 million still available
· Zero lost time injury record maintained, with over 4.4 million hours worked since the start of the Project over three years ago
· Post the period end, second ABSA debt repayment of US$4.1 million made
Stuart Brown, Chief Executive Officer, commented:
"I am delighted to report that Firestone has finished its financial year with another extremely