Diamond explorer, developer and producer, Firestone Diamonds reported a 100% increase in revenues for the year ended 30 June 2008.
Turnover increased to £3.3 million, while losses narrowed to £0.2 million (2007: loss of £0.5 million). During the year, Firestone reported a gain of £2.8 million after selling its equity stake in African Diamonds (AFD). Cash flow was boosted full production levels at the Bonte Koe treatment project with De Beers in Namaqualand.
In Botswana, Firestone said it was expecting to release an inferred resource statement for the BK11 kimberlite in the first quarter of 2009, with production potentially following in 2010. Bulk sampling results from Large Diameter Drilling ('LDD') on a number of kimberlites at Tsabong are also expected in "early 2009".
Looking ahead, the company confirmed that it was considering joint venturing its Tsabong licences, and had received expressions of interest. Bringing in a joint venture partner would allow it to focus on developing the BK11 and BK16 kimberlites. Additional toll treatment projects are also "being pursued". Overall, Firestone said it was well funded and would sharpen its focus on cash and cash flow.
Philip Kenny, CEO of Firestone Diamonds, said “We have made good progress in Botswana and South Africa over the past year. Bulk sampling results from BK11 have been very promising and we continue to believe that the prospects for identifying economic kimberlites at Tsabong are good. Revenues at Bonte Koe in South Africa increased by over 100% during the year, and we are pursuing a number of similar new toll treatment projects.”