Firestone Diamonds
HOLDFirestone Diamonds has agreed a joint venture with Melbourne-based Tawana Resources over projects in Botswana’s Orapa field.
AIM-quoted Firestone, which lost £11m last year but has high hopes for major imminent developments at another Botswana gem project, BK11, can earn 70% of Tawana’s kimberlite diamond projects in Botswana by carrying the costs for the first stage in bulk sampling of recovered stones. If Tawana later decides not to fund its own 30% of future project costs, Firestone can earn another 15% for itself if it carries costs to mine development stage.
Highlighted by Growth Company Investor at a depressed 16.5p in February, Firestone’s shares have rallied to 35.25p, a far cry from their 200p all-time peak, but offering the prospect of further gains.
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Market cap: £34.4m
PE Forecast: n/a
Share price: 35.25p
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