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Corporate profile
Firestone Diamonds plc is an international diamond mining and exploration company with operations in Botswana and South Africa, which are the world's largest and fourth largest producers of diamonds, respectively, and the lowest cost producers among major diamond producing countries.
Firestone has extensive interests in Botswana, which produces over 34 million carats per annum, worth over $3.5 billion. Botswana is considered to be one of the top countries in the world to explore for kimberlite - the primary source rock for diamonds.
Firestone is the largest holder of exploration rights around the Orapa Mine, including the BK11 evaluation project, and around the Jwaneng mine. In addition, De Beers has entered into joint ventures with Firestone over some of Firestone's ground holdings in the Orapa and Jwaneng areas.
The company also holds exploration rights over the entire Tsabong kimberlite field in south-west Botswana, which is one of the largest diamondiferous kimberlite fields in the world. Exploration carried out to date has identified 81 kimberlites, of which 17 have been proven to be diamondiferous. Tsabong is noted for the exceptionally large size of many of its kimberlites, in particular the 180 hectare MK1 kimberlite, which is one of the largest known diamondiferous kimberlites.
Firestone is also exploring for kimberlite in the US on the Laurentia craton, which extends into Canada, where it hosts a number of diamondiferous kimberlite deposits.
Firestone's mining operations include the Bonte Koe, Avontuur and Oena Mines, which are located on the west coast of South Africa, in Namaqualand. Namaqualand has been one of the world's largest alluvial diamond producing regions for the past 60 years, with total production to date estimated to be worth more than $3 billion. Firestone has entered into a mining joint venture with De Beers at the Bonte Koe Mine, which provides the company with guaranteed cash flow for processing gravel mined by De Beers in the area surrounding Bonte Koe.
The company also has a growing portfolio of early stage and advanced exploration projects in Namaqualand, of which the Groen River Valley project, which is being explored by De Beers in joint venture with the company, is the most advanced.
Firestone has a highly qualified management team with extensive experience in the exploration, evaluation and development of diamond projects. Firestone is quoted on the Alternative Investment Market (AIM) of the London Stock Exchange and trades under the symbol FDI.L.
