Firestone Diamonds saw strong sales in the third fiscal quarter as it scored the highest average price for its rough since it began mining.
Revenue for rough from the company’s Liqhobong mine in Lesotho nearly doubled to $20.6 million for the three months that ended March 31, compared with $11.6 million in the previous quarter. Sales volume rose 57% to 193,212 carats, while the average price climbed 14% to $107 per carat, Firestone said last week. That figure compares to the miner’s historical average of $75 per carat for similar-sized rough.
Firestone has no year-on-year comparison, as it only restarted operations in October after placing the deposit on care and maintenance in March 2020 due to the Covid-19 pandemic.
Output at the site grew 5% to 181,700 carats as the miner recovered higher-grade ore, it explained.
Firestone completed a refinancing agreement with its debtholder, Absa, in January. The amount owed now stands at $132.2 million, compared with $125.8 million as of December 31.
Image: The Liqhobong mine. (Firestone Diamonds)
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