AIM-quoted Firestone Diamonds announced that further to strategic review of the BK11 mine in Botswana, the company suspended operations and placed the mine on a temporary care and maintenance programme. The decision was taken due to a combination of operational challenges and current weakness in the diamond market, Rough&Polished were reported at Firestone.
A care and maintenance programme has been undertaken to keep BK11 in sufficient condition to readily re-start operations.
The indicative monthly holding costs are approximately $65,000, Firestone reported.
Tim Wilkes, CEO of Firestone Diamonds, commented: "We remain committed to the operations in Botswana and the programme at BK11 is a temporary measure that has been designed to enable a rapid re-start of operations when the technical and market challenges have been resolved. The Company will now focus on the flagship Liqhobong Mine in Lesotho which has proven large scale diamond recoveries and remains on track to announce the Definitive Feasibility Study in June 2012 and produce 1 million carats by 2014."
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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