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
Shareholders rejected a A$170 million equity placementinvolving Afriland Bourse & Investissement and Eagle Eye Asset Holdings. Canyon Resources...
Shell identified gas shows in the Sirius-1X exploration well drilled offshore Egypt in the Mediterranean. The well lies in the North East El‑Ameriya...
Gabon seeks to attract U.S. investment into energy and water sectors Delegation presents $540 million development plan in Washington Government...
Mirova to invest $15 million in iSAT solar telecom towers Funding supports rural tower rollout in Liberia and Zambia Solar-battery...
Most Read
01

EIB commits over €1 billion for renewable energy in sub-Saharan Africa Funding supports Miss...

EIB Commits €1 Billion to Renewable Energy Under Africa’s “Mission 300” Initiative
02

MTN Zambia tests Starlink satellite service connecting phones directly from space Direct-to...

Satellite direct-to-device telecoms: promise, momentum and hard limits
03

Since its 2019 IPO, Airtel Africa paid Deloitte over $37 million in audit and non-audit fees,...

Airtel Africa and Deloitte: A Seven-Year Relationship, $37 Million in Fees and a Planned Handover
04

Nigeria introduced a 1% flat tax on the turnover of informal-sector businesses under a new presump...

Nigeria Rolls Out 1% Tax on Informal Businesses Under New Fiscal Framework
05

Ethio Telecom has signed a new agreement with Ericsson to expand and modernize its telecom netwo...

Ethiopia’s State-Owned Telco Teams Up With Ericsson to Expand and Upgrade Its Network
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.