Firestone Diamonds PLC Production Guidance for FY 2018 (3403N)
August 08 2017 - 2:01AM
UK Regulatory
TIDMFDI
RNS Number : 3403N
Firestone Diamonds PLC
08 August 2017
8 August 2017
Firestone Diamonds plc
("Firestone" or the "Company") (AIM: FDI)
Production Guidance for FY 2018
Firestone Diamonds plc, the AIM-quoted diamond company,
announces that it has recently commenced a review of its current
life of mine plan in order to optimise mining operations at its 75%
owned Liqhobong Diamond Mine in Lesotho ("Liqhobong"). As a result
the Company is revising its production guidance for the year to 30
June 2018 ("FY 2018").
As part of this review, Firestone will be extending the mining
of the weathered kimberlite over the coming months, in order to
access the lower areas of the pit that have historically yielded
higher grade and higher value diamonds. The Company also plans to
mine additional waste rock in the coming year, in order to improve
the long term mining operations. As a result, although the overall
life of mine carats is not anticipated to change, the Company now
expects to produce between 800,000 and 850,000 carats in FY 2018
(previously 1.0 million carats), which is expected to impact
revenues in the current financial year.
Further details of the optimised mine plan will be announced in
CY Q4 2017.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
For more information contact:
+44 (0)20
Firestone Diamonds plc 8741 7810
Stuart Brown
+44 (0)20
Strand Hanson Limited (Nomad) 7409 3494
Stuart Faulkner
Richard Tulloch
James Dance
Macquarie Capital (Europe) Limited +44 (0)20
(Joint Broker) 3037 2000
Raj Khatri
Nick Stamp
Mirabaud Securities LLP (Joint
Broker)
+44 (0)20
Rory Scott 7878 3360
+44 (0)20
Ed Haig-Thomas 7878 3447
Tavistock (Public and Investor +44 (0)20
Relations) 7920 3150
+44 (0)7788
Emily Fenton 554 035
Jos Simson
Barney Hayward
Background information on Firestone
Firestone is an international diamond mining company with
operations focused in Lesotho. Firestone commenced commercial
production in July 2017 at the Liqhobong Diamond Mine in
Lesotho.
Lesotho is emerging as one of Africa's significant new diamond
producers, hosting Gem Diamonds' Letseng Mine, Firestone's
Liqhobong Mine and Namakwa Diamonds' Kao Mine.
For more information please visit:
www.firestonediamonds.com.
**ENDS**
This information is provided by RNS
The company news service from the London Stock Exchange
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