logo-loader
Firestone Diamonds

Firestone Diamonds recovers largest diamond from its flagship Liqhobong mine in Lesotho

The AIM-listed firm said it believes that the 110 carat gem-quality light yellow diamond confirms the significant potential for larger stones that exists at the mine

Yellow diamond discovered by Firestone
In early trading, Firestone shares were up 4.5%, or 2.0p at 467.75p

Firestone Diamonds PLC (LON:FDI) has announced the recovery of its largest diamond to date during the ramp up phase at its flagship Liqhobong diamond mine in Lesotho.

The AIM-listed firm said it believes that the 110 carat gem-quality light yellow diamond confirms the significant potential for larger stones that exists at the mine.

 Stuart Brown, Firestone’s chief executive officer, said: "The 110 carat gem-quality light yellow diamond recovered during Liqhobong's ramp-up phase is a very exciting and encouraging accomplishment.

“It confirms our long held belief that Liqhobong has large stone potential and I hope this is the first of many to come."

In a note, Shore Capital analysts Yuen low said: The significance of this recovery lies in its confirming that the 75%-owned Liqhobong diamond mine in Lesotho has large stone potential.

“We echo the company’s hope that this will prove ‘the first of many to come’.”

In mid morning trading, Firestone shares were 8.4%, or 3.75p higher at 48.5p.

Panmure Gordon reiterated a ‘buy’ rating and 68p target price on Firestone.

In a note to clients, analyst Kieron Hodgson, said: “Given our knowledge of this operation and the diamonds we have seen previously, this reaffirms our long held belief that Liqhobong has the potential to produce these valuable diamonds.”

 -- Updates share price, adds further broker comment --

Quick facts: Firestone Diamonds

Price: £0.01

Market: AIM
Market Cap: £5.8 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: CB2 Insights licenses electronic data capture software to UK...

CB2 Insights (CSE:CBII-OTCQB: CBIIF) CEO Prad Sekar joined Steve Darling from Proactive Vancouver to discuss the company doing a deal with MYACCESS Clinics. This will allow CB2’s software to capture comprehensive data sets related to patient health and treatment histories and manage ongoing...

2 days, 4 hours ago

2 min read