Firestone Diamonds (FDI)

 

LSE:FDI: Production Guidance for FY 2018

Firestone Diamonds

08 Aug 2017 07:00:05

Firestone Diamonds

RNS Number : 3403N
Firestone Diamonds PLC
08 August 2017
 

8 August 2017

 

Firestone Diamonds plc

("Firestone" or the "Company") (AIM: FDI)

 

Production Guidance for FY 2018

 

Firestone Diamonds plc, the AIM-quoted diamond company, announces that it has recently commenced a review of its current life of mine plan in order to optimise mining operations at its 75% owned Liqhobong Diamond Mine in Lesotho ("Liqhobong"). As a result the Company is revising its production guidance for the year to 30 June 2018 ("FY 2018").

 

As part of this review, Firestone will be extending the mining of the weathered kimberlite over the coming months, in order to access the lower areas of the pit that have historically yielded higher grade and higher value diamonds. The Company also plans to mine additional waste rock in the coming year, in order to improve the long term mining operations. As a result, although the overall life of mine carats is not anticipated to change, the Company now expects to produce between 800,000 and 850,000 carats in FY 2018 (previously 1.0 million carats), which is expected to impact revenues in the current financial year.

 

Further details of the optimised mine plan will be announced in CY Q4 2017.

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

 

For more information contact:

 

Firestone Diamonds plc

+44 (0)20 8741 7810

Stuart Brown




Strand Hanson Limited (Nomad)

+44 (0)20 7409 3494

Stuart Faulkner


Richard Tulloch


James Dance




Macquarie Capital (Europe) Limited (Joint Broker)

+44 (0)20 3037 2000

Raj Khatri


Nick Stamp




Mirabaud Securities LLP (Joint Broker)


Rory Scott

+44 (0)20 7878 3360

Ed Haig-Thomas

+44 (0)20 7878 3447



Tavistock (Public and Investor Relations)

+44 (0)20 7920 3150

Emily Fenton

+44 (0)7788 554 035

Jos Simson


Barney Hayward


 

Background information on Firestone

 

Firestone is an international diamond mining company with operations focused in Lesotho. Firestone commenced commercial production in July 2017 at the Liqhobong Diamond Mine in Lesotho.

 

Lesotho is emerging as one of Africa's significant new diamond producers, hosting Gem Diamonds' Letseng Mine, Firestone's Liqhobong Mine and Namakwa Diamonds' Kao Mine.

 

For more information please visit: www.firestonediamonds.com.

 

**ENDS**


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCEAAPXEAFXEAF