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Firestone breaches Q4 production target at Liqhobong

24 october 2017
Firestone Diamonds said it treated 944,582 tonnes of ore, at an average of 507 tonnes per hour at its Liqhobong mine in Lesotho, producing 199,007 carats during the quarter ended 30 September 2017.
It said included in this was the largest diamond recovered to date, a 134 carat light yellow stone, as well as 45 specials larger than 10.8 carats.
The company produced 54 specials in the previous quarter.
"Production for the quarter has been very stable, we ended the quarter slightly above all our anticipated production targets,” said company chief executive Stuart Brown.
“While the previously announced average value per carat was somewhat disappointing this is reflective of the combination of the lower than expected occurrence of better quality diamonds recovered during the quarter, the widely reported current market conditions where sales are weaker in the finer sizes and weaker demand due to the time of the year.”
He said the company had started moving to other areas in the pit and as expected, they had seen the start of some improvement in average value per carat recovered.
“However, … mining will progress into all areas of the pit in time and it will be some while before more representative volumes of all the ore types are mined and we can better establish our revised average value per carat for planning purposes,” said Brown.
“As with many diamond deposits, the average value realised per carat may continue to show significant variability on a sale by sale basis.”
Meanwhile, Firestone sold 195,330 carats in the quarter including Liqhobong's second $1 million stone, a 45 carat clean white stone.
The sales achieved an average value of $69 per carat, yielding proceeds of $13.5 million.
“The overall market environment has seen a combination of oversupply and the previously reported Indian de-monetisation programme which is still having an impact on the Run of Mine goods (+11 diamond sieve and smaller),” it said.
“In addition, the summer months are traditionally the quietest time in the rough selling season.”

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished