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Production disruption due to power fluctuations

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RNS Number : 8456O
Firestone Diamonds PLC
04 October 2019
 

4 October 2019

Firestone Diamonds plc

("Firestone" or the "Company")

 

Production disruption due to power fluctuations

The Company announces a production disruption at its 75% owned Liqhobong Mine in Lesotho due to intermittent power supply. The Liqhobong Mine is supplied electricity from the Muela Hydropower Station (MHS) which is owned by the Lesotho Electricity Company (LEC) and which forms part of the Lesotho Highlands Water Project Phase 1 Katse Dam.

The MHS commenced a two month maintenance shutdown on 1 October at which time ongoing supply was to be provided by Eskom, South Africa's power utility company. Since then, the mine experienced unexpected voltage fluctuations that caused the drives of the plant equipment to trip and as a result, operations have been severely disrupted. Management is addressing the issue urgently with the LEC and Eskom, and will provide further updates in due course.

 

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

 

 

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.

 

 


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Quick facts: Firestone Diamonds

Price: 0.45

Market: AIM
Market Cap: £2.9 m
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