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Firestone
Firestone Lays Off Workers as Liqhobong Stays Shut
Firestone Diamonds has dismissed most of its employees as it plans to keep the Liqhobong mine closed for at least a year, or until diamond prices recover.The miner, which placed the Lesotho-based operation on care and maintenance in April...
Mining Jul 20, 2020 Rapaport News
Miners
Heavy Debt Looms over Mining Shutdown
A number of diamond-mining companies that have halted production during the COVID-19 crisis will find it difficult to resume operations amid their struggles with debt, analysts have predicted.The warning comes after several miners announced...
Mining Apr 23, 2020 Leah Meirovich
Petra Finsch mine
South Africa, Lesotho Mines Set for Shutdown
Petra Diamonds, Gem Diamonds, Firestone Diamonds and Lucapa Diamond Company are suspending operations at their mines in South Africa and Lesotho due to government measures to curb the spread of the coronavirus.South Africa has introduced...
Mining Mar 25, 2020 Rapaport News
Firestone Liqhobong 150 March
Firestone to Delist Later This Month
Firestone Diamonds’ shareholders have approved its delisting from public trading, as it seeks to reduce costs amid weak market conditions.The company, which operates the Liqhobong mine in Lesotho, will remain on AIM — the London Stock...
Mining Mar 15, 2020 Rapaport News
Firestone Liqhobong 150
Firestone Faces Fallout from Power Disruption
Production at Firestone Diamonds faltered in the second fiscal quarter, as the miner faced a near monthlong power disruption it estimates will cost it $4.6 million.Output from the company’s Liqhobong mine in Lesotho fell 39% to 138,000 carats...
Mining Feb 26, 2020 Rapaport News
Firestone
Firestone Forecasts Weak Rough Pricing
Firestone Diamonds gave a cautious outlook for the coming year, expecting continued sluggish market conditions to impact rough prices. “From a diamond-pricing perspective, [2019] was a tough year, particularly for the smaller, lower-value goods,...
Mining Dec 22, 2019 Rapaport News
Diamonds at Tenders
Let’s Set Our Sights on the Auctions
De Beers’ first-half earnings highlighted the many challenges facing the diamond trade. But beyond the sharp declines the mining company suffered, CEO Bruce Cleaver and chief financial officer Nimesh Patel were...
Rough Markets Aug 07, 2019 Avi Krawitz
Firestone
Small-Stone Slump Hits Firestone Revenue
Firestone Diamonds saw a decline in sales during its fiscal fourth quarter due to a drop in demand for small, lower-value diamonds that make up the bulk of its supply. The company reported sales of $12.7 million for...
Mining Jul 29, 2019 Rapaport News
Firestone
Firestone Finds Its Biggest Fancy Yellow
Firestone Diamonds has recovered a 54-carat, intense-fancy-yellowrough diamond at its Liqhobong mine in Lesotho, it reported Monday. The sawable stone, the largest of its color Firestone has unearthed, will go on sale at the company’s nexttender, which is due...
Mining Jul 08, 2019 Rapaport News
Firestone Liqhobong
Firestone Gets Bank Waiver After Prices Slide
ABSA Bank has granted Firestone Diamonds a waiver after adrop in small-diamond prices put the miner at risk of breaching its loan covenants. The terms of Firestone’s $82.4 million loan from ABSA included assumptions about...
Mining Jul 02, 2019 Rapaport News
Gahcho Kué
Analysts Expect Flat Rough Prices in 2019
Rough-diamond prices will remain sluggish this year as themarket challenges that arose in the second half of last year are set to continue,two investment banks have warned.Prices are likely to drop 1% to 2% in the first half of2019,...
Rough Markets Mar 28, 2019 Rapaport News
Firestone
Firestone Recovers 70ct. Rough
Firestone Diamonds has unearthed a 70-carat white rough stone fromits Liqhobong mine in Lesotho. “The 70-carat stone was recovered in the northern, low-gradepart of the pit, where the bulk of our mining will take place...
Mining Feb 12, 2019 Rapaport News
Firestone Q1
Firestone Unearths 326ct. Diamond
Firestone Diamonds has recovered a 326-carat, near-gem-qualityrough — the largest diamond the miner has found to date. The company unearthed the stone at its Liqhobong mine inLesotho in October, it reported last week. “[The 326-caratdiamond] provides...
Mining Nov 04, 2018 Rapaport News
Firestone Diamonds
Firestone Diamonds Slashes Annual Loss
Firestone Diamonds narrowed its annual loss by 91% amidhigher sales, and due to the absence of an impairment charge it incurred a yearago. The miner recorded a net loss of $14.2 million for the fiscalyear that ended June...
Mining Oct 04, 2018 Rapaport News
Firestone 150
Firestone Sees Strong Bigger-Stone Demand
Sales were strong at Firestone Diamonds in the fourth fiscalquarter amid robust demand for larger rough stones, the miner reported Monday. Proceeds from rough sales totaled $18.6 million during theperiod ending June...
Mining Jul 24, 2018 Rapaport News
Paul Bosma Firestone
Firestone Promotes Paul Bosma to CEO
Firestone Diamonds has appointed industry veteran Paul Bosmato succeed Stuart Brown as CEO from July 1, the company said Monday. Bosma (pictured) — who worked for De Beers for 14 years — joinedFirestone as mineral-resources manager in 2014,...
Mining May 14, 2018 Rapaport News
firestone
Firestone Diamonds Posts Inaugural Revenue
Firestone Diamonds recorded its first half-year revenue from the Liqhobongmine in Lesotho, the company said Tuesday. The miner saw sales of $28 million from the recovery of379,716 carats during the six months...
Mining Mar 29, 2018 Rapaport News
Firestone Liqhobong mine
Firestone Raising Cash After Price Drop
Firestone Diamonds is looking to raise $25 million (GBP 18.5million) to fund operations at its Liqhobong mine in Lesotho after weak roughprices drove the company to a loss and forced it to rethink its plan for theasset. Disappointing demand...
Mining Dec 04, 2017 Rapaport News
renard
Firestone Diamonds Beats Production Goal
FirestoneDiamonds slightly surpassed its output target at the Liqhobong mine in Lesotho inthe first fiscal quarter that ended September 30.The miner recovered 199,007 carats during the July-to-September period, compared to 204,000 carats in the...
Mining Oct 23, 2017 Rapaport News
Firestone Liqhobong
Firestone Rethinks Liqhobong Mine Plan
Firestone Diamonds is revising its mining plan and hasopened talks with its lender after recording disappointing prices at its Liqhobongmine in Lesotho. The company’s last two sales yielded just $69 per carat,compared with...
Mining Oct 03, 2017 Rapaport News
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