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Firestone Faces Uncertain Future
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The continued operation of Firestone Diamonds is in question amid an extended shutdown of its mine in Lesotho and heavy debt.The miner will keep its Liqhobong deposit closed until it can work out a deal to restructure the more...
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Mining
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Jan 13, 2021
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Leah Meirovich
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Firestone to Test Diamond Prices in November
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Firestone Diamonds plans to sell a portion of its inventory next month to assess the prices it can secure for its rough stones as the market begins to recover.The miner is holding 64,700 carats of rough from its Liqhobong...
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Mining
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Oct 26, 2020
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Rapaport News
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Mining Sell-Off Highlights Sector’s Woes
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Just as the sun emerged from behind the clouds and diamond demand began to recover from a glut in the manufacturing sector, the coronavirus pandemic hit. Its rapid spread forced many miners to shut down...
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Mining
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Aug 06, 2020
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Leah Meirovich
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Firestone Lays Off Workers as Liqhobong Stays Shut
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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...
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Mining
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Jul 20, 2020
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Rapaport News
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Firestone to Delist Later This Month
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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...
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Mining
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Mar 15, 2020
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Rapaport News
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Firestone Faces Fallout from Power Disruption
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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...
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Mining
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Feb 26, 2020
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Rapaport News
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Firestone Questions Future of Operations
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Firestone Diamonds is assessing its ability toremain operational, as it struggles with mounting debt and lower prices in theweak market. “From a market perspective, pricing remains subdued,”Firestone CEO Paul Bosma said last week. “The company...
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Mining
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Oct 28, 2019
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Rapaport News
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Firestone Finds Its Biggest Fancy Yellow
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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...
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Mining
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Jul 08, 2019
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Rapaport News
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Firestone Gets Bank Waiver After Prices Slide
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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...
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Mining
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Jul 02, 2019
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Rapaport News
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Rainy Season Dampens Firestone Output
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Output at Firestone Diamonds slipped in the third fiscal quarteras the company processed ore from a lower-grade portion of the mine. Production dropped 19% to 155,206 carats at the company’sLiqhobong mine in Lesotho in the three months ending...
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Mining
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Apr 29, 2019
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Rapaport News
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Firestone Diamonds Recovers 72ct. Yellow
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Firestone Diamonds has unearthed a 72-carat rough yellowstone from its Liqhobong mine in Lesotho, along with two other largegem-quality diamonds. The miner also found a white stone weighing 22 carats and an11-carat, fancy-light-pink diamond,...
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Mining
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Apr 08, 2019
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Rapaport News
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Firestone Loss Narrows as Sales Rise
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Firestone Diamonds decreased its net loss in the first fiscalhalf, as sales grew despite weak prices,the miner said Thursday. The company reported a loss of $6.6 million fromits Liqhobong mine in Lesotho for the six...
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Mining
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Mar 31, 2019
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Rapaport News
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Firestone Recovers 70ct. Rough
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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...
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Mining
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Feb 12, 2019
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Rapaport News
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Firestone Revenue Rises in Second Quarter
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Sales grew at Firestone Diamonds in the second fiscal quarter as stronger volumes outweighed a lower average price, the miner reported Monday. Proceeds from rough sales at the company’s Liqhobong mine inLesotho increased 11% year...
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Mining
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Feb 04, 2019
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Rapaport News
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Firestone Digs Up 46ct. Rough Diamond
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Firestone Diamonds’ stock price rose more than 11% Friday afterthe company announced it had unearthed a 46-carat white diamond at itsLiqhobong mine in Lesotho. The stone — which the miner recovered undamaged — willgo on sale at the...
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Mining
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Dec 16, 2018
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Rapaport News
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Firestone Unearths 326ct. Diamond
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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...
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Mining
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Nov 04, 2018
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Rapaport News
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Firestone Diamonds Slashes Annual Loss
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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...
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Mining
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Oct 04, 2018
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Rapaport News
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Firestone Sees Strong Bigger-Stone Demand
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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...
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Mining
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Jul 24, 2018
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Rapaport News
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Firestone Promotes Paul Bosma to CEO
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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,...
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Mining
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May 14, 2018
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Rapaport News
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Firestone Diamonds Posts Inaugural Revenue
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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...
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Mining
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Mar 29, 2018
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Rapaport News
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