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06/06/2011

Tim Wilkes at Firestone Diamonds says margins have grown substantially

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Additional Information
Market: AIM
Sector: General Mining - Diamonds & Gemstones
EPIC: FDI
Latest Price: 12.00p  (2.13% Ascending)
52-week High: 37.50p
52-week Low: 8.75p
Market Cap: 44.71M
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Firestone Diamonds
www.firestonediamonds.com

Firestone is a UK-based diamond mining and development company with assets located in Botswana and Lesotho. Firestone commenced production at the BK11 Mine in Botswana in July 2010 and plans to recommence production at the Liqhobong Mine in Lesotho 2011. Firestone also controls a substantial portfolio of diamond exploration and development projects in the Orapa, Jwaneng and Tsabong regions of Botswana.

Pdf

Firestone Diamonds to operate FTP project for De Beers JV in Namibia

12th Mar 2010, 11:23 am Firestone Diamonds to operate FTP project for De Beers JV in Namibia

Firestone Diamonds (AIM: FDI) has been selected by De Beers’ joint venture with the Namibian government, Namdeb Diamond Corporation, as the preferred supplier and operator for the Dredge and Floating Treatment Plant (FTP) project at Namdeb's diamond mining operations in Namibia.

Contract negotiations are set to be finalised following the review and approval by the Namdeb board of the joint feasibility study . The study, which is being completed by Firestone and Namdeb, is expected to be presented to the board later in 2010.

The plant is expected to have capacity of 11.5 Mt (million tonnes) per annum and a minimum life of 15 years. It will be constructed by Firestone for Namdeb and operated on a toll treatment basis. Production is expected to commence in 2012.

“Being selected by Namdeb, one of the world's leading diamond producers, for the Dredge and Floating Treatment Plant project is a reflection of the significant operating capability that Firestone has developed. This project...represents a further opportunity for the company to supplement cash flow from our own mining operations at BK11 in Botswana with cash flow from long term, low risk toll treatment projects,” said chief executive of Philip Kenny.

The FTP plant is expected to cut operating costs by removing overburden using a dredge and treat diamondiferous gravel.

Shares in the company rose 2.6% on the news.

Firestone has recently been selected by Debswana for a toll treatment tailings processing project at the Jwaneng mine in Botswana.

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