Firestone reports lower q/q output, sales for Q1

Aim-listed Firestone Diamonds recovered 240 733 ct of diamonds at a grade of 23.8 carats per hundred tonnes (cpht) from its Liqhobong mine, in Lesotho, during the quarter ended September 30 – the first quarter of its 2019 financial year

This compares with the 263 512 ct recovered at a grade of 25.7 cpht in the fourth quarter of the 2018 financial year, ended June 30.

Diamond sales decreased to 194 206 ct, for revenue of $13.5-million, compared with the 261 985 ct sold for $18.6-million in the prior quarter.

Firestone on Monday said the average value of $70/ct was below expectation, mainly owing to a deterioration in prices received for the smaller, lower-value run-of-mine (RoM) stones.

“The quarter was a good start to our financial year and a positive operational momentum from the prior quarter was maintained.

“The strong demand for our special stones offset the continued pricing pressure on the RoM stones,” commented CEO Paul Bosma.

After the reporting period, Firestone sold a 68 ct white diamond, which is the third-most valuable stone sold to date, for just under $1-million, and a 20 ct fancy yellow diamond. The company also recovered a 326 ct near-gem diamond, which is the largest stone recovered to date at the Liqhobong mine.