15 Oct 2019 14:03
15 October 2019
Firestone Diamonds plc
("Firestone" or the "Company")
Update to production disruption due to power fluctuations
Further to the announcement on 4 October, the Company advises that, whilst every effort has been made over the past week to identify and to resolve the power issue, the Liqhobong mine remains without sufficient power to operate the processing plant. The Company has therefore initiated contingency measures to restore power by alternative means within the coming weeks. In the meantime the Company will continue to engage with both the Lesotho Electricity Company (LEC) and ESKOM, South Africa's power utility to try to resolve the interruption of grid power to the mine.
The Company has placed an order to hire diesel generator units with which to run the mine's processing plant. All units are scheduled to arrive on site by the end of October and to be fully operational shortly thereafter, during early November. The generators are expected to be used to generate power until grid power is restored from the Muela Hydropower Station, which we are informed will 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.
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) Nick Stamp Alex Reynolds
| +44 (0)20 3037 2000 |
Tavistock (Public and Investor Relations) | +44 (0)20 7920 3150 |
Jos Simson | |
Gareth Tredway | |
Annabel de Morgan |