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Firestone Diamonds has sewn up the US$222mln required to make the Liqhobong diamond mine in Lesotho a reality. Having already secured a US$82.4mln debt facility, the group is raising US$60mln at 3p a share via the equity markets.
Diamonds have been a bright spot in a tough year for the mining business generally. but what makes a diamond worth US$8.5mln rather than say US$8.50?
Ian Harebottle, chief executive of Gemfields, described the payment of a first dividend by Kagem Mining, its 75%-owned emerald producer in Zambia, as a “truly remarkable milestone”
Shares soared as it confirmed a ten-year licence deal with Tanzanian state mining group STAMICO. It gives it heavyweight support as it tries it dislodge illegal miners chipping away at its operations.
The Magi discovery earlier this year was welcomed with open arms by shareholders, who pushed up the stock some 64% in mid-October after the company announced that it modeled Magi at 270 hectares, making it one of the largest kimberlites in
"The results of the bulk sampling programme have confirmed the potential for Lemphane to contain large valuable diamonds,” said chairman Martin Doyle. “It has also demonstrated that the processing of larger volumes of kimberlite
“We feel confident given the experience of other mines in Lesotho that most, if not all, of that 48.6mln tonnes will be accessible to open pit mining,” managing director Stephen Grimmer told Proactive.
"This highly significant increase in tonnage is excellent news for the project as it has the potential, if proven economic, to approximately double the current volume of kimberlite used in the scoping study," said executive chairman Martin
DiamondCorp passed a significant landmark as it reported the first sales from its tailing re-treatment activities at the Lace diamond mine but chief executive officer Paul Loudon reminded investors "tailings is not the main game here".
Gemfields offers the investor unique exposure to the growing demand for coloured gemstones and to the luxury jewel market, says broker Canaccord, which has lifted its target price on the shares.
The City broker Charles Stanley has repeated its ‘buy’ advice and 7p a share price target on Firestone Diamond following its successful US$82mln fund-raising earlier this week.
