RAPAPORT… Output at Firestone Diamonds slipped in the third fiscal quarter
as the company processed ore from a lower-grade portion of the mine.
Production dropped 19% to 155,206 carats at the company’s
Liqhobong mine in Lesotho in the three months ending March 31. Throughout the rainy
season, Firestone mines the northern portion of the pit, which contains
lower-grade ore.
“During the final quarter of the year, mining will return to
the higher grade, southern part of the pit,” Firestone CEO Paul Bosma said last
week.
Revenue from rough sales fell 4.5% year on year to $16.8
million for the quarter. Sales volume slid 3% to 211,368 carats, with the miner
achieving an average price of $80 per carat, compared to $81 the previous year.
Image: The Liqhobong mine. (Firestone Diamonds)
Rainy Season Dampens Firestone Output
The Bottom Line
- Q3 production fell 19% to 155,206 carats as Firestone mined lower-grade ore in the northern pit of Liqhobong.
- Rough diamond revenue decreased 4.5% year-over-year to $16.8 million for the quarter.
- Sales volume dropped 3% to 211,368 carats with average price per carat slightly down to $80 from $81.
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