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Orapa, Botswana
With 8 economic kimberlites out of the 75 kimberlites discovered to date, the Orapa field has an economic ratio of more than 10%, which is much higher than the global average of 1%. The Orapa Mine produces approximately $1 billion in revenue and $800 million in operating profit per annum, and is one of the richest diamond mines in the world. In addition to the BK11 kimberlite evaluation project, Firestone has a number of other projects in the Orapa area, as follows:
De Beers Joint Venture
The Orapa joint venture project with De Beers covers an area of approximately 4,900 sq. km close to the Orapa and Letlhakane mines. Under the terms of the joint venture, De Beers is financing all exploration and evaluation work up to completion of bankable feasibility in return for a 61% interest in the project.
De Beers has carried out more than 50,000 line kilometres of high-resolution airborne and ground geophysical survey, and drilling to date has discovered 4 new kimberlites. Follow-up geophysical surveys and exploration drilling is planned on targets identified by work carried out to date.
Firestone Exploration Area
In 2006, Firestone was awarded new prospecting licences in the Orapa region over an area of approximately 7,300 square kilometres. Field work on this area commenced at the end of 2006.
Daly City Ventures Joint Venture
Firestone has an agreement under which it can earn an 81% interest in Daly City Ventures, which holds a prospecting licence in the Orapa region over an area of approximately 380 sq. km. High resolution geophysical surveys have been conducted over the area to identify drilling targets.
African Diamonds
Firestone also holds a 6.6% interest in African Diamonds plc, which is developing a major new mine on the AK6 kimberlite in the Orapa field in conjunction with De Beers.
