25 May 2012

Firestone Diamonds scoops £13.5m

28/07/2011 Robert Tyerman

Gem play Firestone Diamonds (FDI) is raising £13.5 million at 27.75p to develop and evaluate its projects in Lesotho and Botswana. The AIM-quoted company has secured the funds through broker Mirabaud Securities to accelerate work at its flagship Liqhobong mine in Lesotho and in Botswana to complete grid power connection at its BK11 mine and start evaluation of BK16, BK 24 and other kimberlite prospects in the Orapa region.

London-based Firestone, which also has 68 kimberlite prospecting licences in Botswana's Kokong field, has hired consultant Dowding Reynard to carry out a definitive feasibility study on a 4.2 million-tonne plant development project at Liqhobong. Chief executive officer Tim Wilkes, who succeeded Philip Kernny (now executive chairman) in March, cites substantial increases in rough diamond prices and grades since Firestone started production at Liqhobong in February and argues the company's portfolio of kimberlites in Botsawana has the potential for 'further economic discoveries'.

Firestone shares have had a rough ride since their AIM float at 114p 13 years ago and now stand at 27.25p, down 0.25p today, valuing the company at £89 million. They have speculative recovery appeal.

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Tags: AIM market, Botswana, Lesotho, Liqhobong

Sector: Mining

Companies: Firestone Diamonds

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