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Rainy Season Dampens Firestone Output

Ore grade declined during first three months of 2019.
Apr 29, 2019 10:28 AM   By Rapaport News
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 Output at Firestone Diamonds slipped in the third fiscal quarter as the company processed ore from a lower-grade portion of the mine.

Production dropped 19% to 155,206 carats at the company’s Liqhobong mine in Lesotho in the three months ending March 31. Throughout the rainy season, Firestone mines the northern portion of the pit, which contains lower-grade ore.

“During the final quarter of the year, mining will return to the higher grade, southern part of the pit,” Firestone CEO Paul Bosma said last week. 

Revenue from rough sales fell 4.5% year on year to $16.8 million for the quarter. Sales volume slid 3% to 211,368 carats, with the miner achieving an average price of $80 per carat, compared to $81 the previous year.

Image: The Liqhobong mine. (Firestone Diamonds)
Tags: Firestone, Firestone Diamonds, Lesotho, Liqhobong mine, Paul Bosma, Rapaport News
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