Firestone Diamonds Expects Nameplate Production from Liqhobong in 2016

Firestone Diamonds plc (LSE:FDI) provided an initial update on the development program at its Liqhobong diamond mine, commenting that construction and development are expected to take two years. The company expects to achieve nameplate production in the first half of 2016.

Update highlights include:

• Decommissioning and removal of the Pilot Plant at Liqhobong underway and 30% complete;
• Engineering, Procurement, Construction and Management (‘EPCM’), including civils and earthworks and Residue Storage Facility contracts have been signed or agreed;
• Commenced general site earthworks, including widening and rerouting the site access road, building the residue slimes retaining wall and early civil works;
• The overhead power line and main substation contract is signed and site mobilisation has been initiated;
• Major equipment long lead items have been approved and contracts placed; and
• All major equipment deliveries are aligned to current schedule.

Stuart Brown, CEO of Firestone, commented:

I am pleased to announce commencement of the earthworks programme at our Liqhobong diamond mine in Lesotho, which follows the recent completion of the financing. To date, we have committed approximately 73 per cent. of the expenditure required for the development and construction of the Main Treatment Plant and related infrastructure. I look forward to keeping shareholders abreast of future developments during the 24 months build.

Click here to read the full Firestone Diamonds plc (LSE:FDI) press release.