Firestone sales tumble…
Firestone Diamond, a diamond producer with operations focused in Lesotho, announces its final audited results for the year ended 30 June 2019. Firestone Diamond says further, a disappointing year for the Company despite a solid operational performance, which saw revenues decline due to a weak diamond market and a reduction in carats sold.
Liqhobong Diamond Mine performed a strong operational performance and about 829 458 carats recovered was 835 832 carats in 2018. Overall 774 830 carats sold while in the year 2018 it was sold of 831 637 carats. At the large diamond front, largest diamond recovered to date in October 2018 was a 311 carat near-gem diamond and most valuable diamond sold to date in March 2019 was a white makeable diamond which realised US$1.6 million.
Paul Bosma, Chief Executive Officer, commented, “The year's performance was solid from an operational "perspective, as we delivered results within our guidance range for all items within our control. From a diamond pricing perspective, it was a tough year; particularly for the smaller, lower value goods and these conditions are expected to persist for the foreseeable future until the end of 2020 when global rough supply is expected to reduce.
Due to the expectations of a continued subdued pricing environment, combined with the recent power disruption to operations, the Company has continued to engage with its debt holders and has made good progress to ensure it can sustain operations through the current downturn. More information in this regard is contained in this announcement as well as the Annual Report.”
