Mining

Lesotho: Firestone achieved a positive balance sheet in H1, 2018 financial year

Wednesday, 28 March 2018 17:48

Firestone Diamonds, announced yesterday March 27, that it produced 379, 716 carats of diamonds on its Liqhobong mine in Lesotho, during the first half of the ongoing financial year that began in July 2017.

While specifying that the mine’s commercial production started last July 1, the company indicated that it has processed a total of 1.9 million of ore in the period under review and discovered a 134 carat light yellow gem, the largest diamond recovered to date. The operating cost per ton was estimated at $11.97.

In our first six months of full scale production at Liqhobong, processing rates were above expectations, while costs continued to remain below our targeted levels,” said Stuart Brown, the CEO.

Furthermore, the company recorded, over the same period, $26 million as revenues and operations generated $8.8 million.

At the end of the year, Firestone expects the mine to produce between 800, 000 and 850, 000 carats of diamonds.

On the same topic
DRC seeks ITC support for local battery value chains Musompo SEZ targets $2 billion private investment Progress slowed amid coordination,...
Barrick loses second-largest gold producer ranking in 2025 Output fell to 3.26 million ounces Loulo-Gounkoto shutdown cut Mali production...
Atlantic Group amends Kribi cement plant investment deal Project cost rises above initial CFA39 billion estimate Plant to add 1 million tons annual...
Vaalco Energy has started production from a new well at the Etame offshore field, initially producing around 2,000 barrels per day. The...
Most Read
01

ECOWAS central bank governors reaffirm a 2027 target for launching the Eco. Nigeria signals...

ECOWAS Eco Currency May Launch Without WAEMU in 2027 Push
02

Algeria plans to launch construction of the $13 billion Trans-Saharan Gas Pipeline (TSGP) a...

Algeria–Morocco: Will the Gas Pipeline Duel Take Place? (Editorial)
03

Kenya raised $2.25B via dual-tranche Eurobonds to buy back 2028/2032 debt, luring investors w...

Africa’s Comeback on International Market: Kenya Adds-up to The 2026 Wave of Sovereign Issuances
04

Dangote to list $20-25 billion refinery within five months NNPC holds 7.25% stake; dividends...

Dangote Sets IPO Timeline for Its $20B+ Nigerian Refinery, Eyes Retail Investors
05

Siguiri mine produced 289,000 ounces in 2025, up 6% Fourth-quarter output rose 15%, boosting annu...

Guinea's Largest Gold Mine Records 6% Output Rise in 2025
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.