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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: 5.75p  (-2.21% Descending)
52-week High: 32.75p
52-week Low: 5.38p
Market Cap: 31.37M
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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 also controls a substantial portfolio of diamond exploration and development projects in the Orapa, Jwaneng and Tsabong regions of Botswana.

Full Firestone Diamonds profile here
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Firestone Diamonds chief pleased with fourth sale of the year which rakes in US$2.8 million

5th Dec 2011, 7:51 am by Ian Lyall The company received US$2.8 million for the 47,576 carats on offer in this its fourth sale of the year.

Firestone Diamonds (LON:FDI) chief executive Tim Wilkes declared himself “pleased” at selling all the production offered at the recent tender of stones.

The company received US$2.8 million for the 47,576 carats on offer in this, its fourth sale of the year. 

Firestone also said the run of mine value of production from its Liqhobong operation in Lesotho and BK11 in Botswana is estimated to be $95 and $180 per carat, respectively.

The diamond market, which is down around 30 per cent from its peak in July, is reported to have stabilsed thanks to growing demand from China and India.

CEO Wilkes said: “We are pleased to have been able to sell all of the diamond production offered at our recent tender, the results of which indicate that some stability has returned to the rough diamond market after the volatility of the past few months.  

“We remain positive about the fundamentals of the diamond market, with long term demand, which is largely driven by growth in India and China, expected to continue to outstrip supply, and expect to see prices for both Liqhobong and BK11 production increase in 2012."

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