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Currency Gains Bolster Firestone Earnings

Mar 29, 2017 3:21 AM   By Rapaport News
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Firestone Diamonds’ bottom line improved in the second half of 2016 as its Liqhobong mine operation in Lesotho benefited from the appreciation of the local currency against the U.S. dollar.

Total comprehensive income stood at $9.7 million during the six-month period, compared with a loss of $31.5 million the previous year, the company reported on Tuesday.

The Liqhobong mine recorded a lower value of debt in the local currency as the dollar fell 7.9% against the Maloti, with other currency-related gains resulting as well, Firestone said in a statement.

Excluding these gains, however, the miner’s loss after tax almost doubled to $8.8 million from $4.6 million a year ago.

Production at Liqhobong started in October, with the first two diamond sales occurring in February and March in Antwerp. The combined sales fetched $13.7 million for 127,590 carats of rough, achieving an average price of $107 per carat.
Tags: Antwerp, Firestone Diamonds, Lesotho, Liqhobong, Liqhobong mine, Maloti, mining, Rapaport News, U.S. dollar
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