The Firestone Diamonds Journey…


Liqhobong timeline

1950’s Ore bodies discovered in the Maluti Mountains of northern Lesotho.
1990’s First large scale evaluation programme undertaken on the Main Pipe.
Comprised satellite and main pipes – 8.6 hectare of kimberlite pipe, contains probable Diamond Reserve of 9.5 million carats.
2005 Production commenced at Satellite Pipe.
2007 Definitive Feasibility Study for development of Main Pipe commenced.
2008 Production suspended at Satellite Pipe.
2010 Liqhobong was acquired by Firestone Diamonds from Kopane Diamonds for US$71 million.
2011 Production restarted by Firestone Diamonds. Pilot plant, produced in excess of 325,000 carats.
High incidence of fancy yellow stones and potential for large stones.
2012 Completed DFS which set out the basis for an open pit mine with a 15 year life, producing 3.6 million tonnes per annum, yielding in excess of 1 million carats.
2013 Restructuring in place, new CEO, Stuart Brown joined Firestone Diamonds.
Production suspended immediately.
Update the DFS, revalidated initial capital expenditure for the Project and confirmed economics for Liqhobong.
2014 Firestone raised US$222.4 million to bring Liqhobong into production, targeting 1 million carats per annum.
Construction activities commenced.
2015 Revised Mine Plan completed. Base case, post financing, NPV of US$389 million (8% discount rate), IRR of 42%, payback of 4.1 years.
2016 Construction completed.
First diamond recoveries commenced, recovery of special stones and fancy yellow diamonds.
2017 First sale in February.
110 carat gem-quality light yellow diamond recovered.
2018 Paul Bosma appointed as new CEO.
In the 12 months to end-June 2018, the company’s first full financial year of production, 835,832 carats were produced at 22 carats per hundred tonnes.