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
Namibia becomes party to Luanda Agreement alongside Angola, Botswana, and DRC Initiative aims to counter rising competition from lab-grown...
First crude loading under EACOP planned within five months Heated pipeline linking Uganda to Tanzania is 79 % complete Project is...
The World Bank approved $150 million to improve water and electricity services in Gabon. The project will target service quality,...
SolarAfrica closed 1.5 billion rand ($94 million) in financing for the 114 MW SunCentral 2 solar plant. FirstRand Bank, through Rand Merchant...
Most Read
01

Except for Tunisia entering the Top 10 at Libya’s expense, and Morocco moving up to sixth ahead of A...

Global Firepower Index 2026: Egypt, Algeria, Nigeria Lead Africa's Military Rankings
02

Deposits grow 2.7%, supporting lending recovery Average loan sizes small, credit risk persists ...

Togo Microfinance: Deposits and Loans Rise Simultaneously in Q3 2025
03

Oil majors expand offshore exploration from Senegal to Angola Gulf of Guinea accounts for about 1...

Gulf of Guinea regains appeal as a key exploration hub for oil majors
04

The BCEAO granted Semoa a level-3 “full service” payment institution license on January 27, 2026...

Togolese Fintech Semoa Wins Full-Service BCEAO License
05

MTN is considering buying back telecom towers it sold years ago, signalling that control of infras...

MTN’s Talks to Buyout IHS: A Strategic Reversal That Could Reshape African Telecoms
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.