1 Nov 2019 07:00
1 November 2019
FIRESTONE DIAMONDS Plc
("Firestone", the "Group" or the "Company")
Production resumes at Liqhobong Mine
Firestone Diamonds plc (AIM: FDI), is pleased to announce that an alternative power supply has been implemented at its Liqhobong Diamond Mine ("Liqhobong") which has facilitated the resumption of production in the absence of grid electricity supply.
Further to the announcement on 15 October 2019 and quarterly operations update on 23 October 2019, the company has successfully commissioned the rented diesel generators. Production resumed on 26 October, and the processing plant is currently operating at between 80% and 90% of full capacity as the new power generation system is being optimised.
The generators are expected to be used to generate power until grid power is restored from the Muela Hydropower Station, which, according to the Lesotho Electricity Company, is scheduled to take place on 1 December 2019. Normal operating costs are expected to increase by the cost of renting the gensets and of the associated diesel consumption.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
For more information please visit www.firestonediamonds.com or contact:
Firestone Diamonds plc | + 44 (0)20 3319 1690 |
Paul Bosma | |
Grant Ferriman | |
Macquarie Capital (Europe) Limited (Nomad and Broker) | +44 (0)20 3037 2000 |
Alex Reynolds
| |
Tavistock (Public and Investor Relations) | +44 (0)20 7920 3150 |
Jos Simson | |
Gareth Tredway | |
Annabel de Morgan |
Background information on Firestone
Firestone is an international diamond mining company with operations in Lesotho. Firestone commenced commercial production in July 2017 at the Liqhobong Diamond Mine. Liqhobong is owned 75% by Firestone and 25% by the Government of Lesotho. Lesotho is one of Africa's significant new diamond producers, hosting Gem Diamonds' Letšeng Mine, Firestone's Liqhobong Mine, Namakwa Diamonds' Kao Mine and Lucapa's Mothae Mine.