1.2 Mln Carats at $100 P/C Expected Annually at Firestone's Lesotho Project

(IDEX Online News) – Firestone's Liqhobong diamond project in Lesotho will have an annual production of some 1.2 million carats starting from 2015, according to a just released feasibility study.

The estimated per carat value of output over the 15 year life of the open pit mine is $100. This excludes the recovery of any large and special stones.

According to the study, the total capital expenditure for the plant and associated infrastructure is $167 million.

"We are pleased to announce these highly attractive results,” said Firestone CEO Tim Wilkes.

“There could also be considerable upside from the recovery of larger special diamonds that have been catered for in the design of the new treatment plant. Our project is also expected to have a very positive impact for Lesotho, both from a revenue and employment perspective.”

Firestone Diamonds, an international diamond mining and exploration company with operations focused on Lesotho and Botswana holds a 75 percent stake in the Liqhobong project. The government of Lesotho holds the remaining share.