Firestone Diamonds Secures Extra Financing for Liqhobong Project

(IDEX Online News) – Firestone Diamonds plc has secured additional funding of $140 million to build and commission the Main Treatment Plant at the Liqhobong diamond mine in Lesotho.

The loan is subject to certain conditions, including shareholder approval, with “expected full nameplate production” in early 2016.

The newly announced loan, in addition to a previous $82.4 million debt facility, will complete the required $222.4 million (before expenses) funding to bring the Main Treatment Plant into production.

Firestone CEO Stuart Brown said: “I am extremely pleased to announce the agreement of principle terms of the financing package required to develop the company’s flagship Liqhobong diamond mine in Lesotho. Raising $140.0 million, on top of the Absa debt facility of $82.4 million, is an outstanding achievement for a company of Firestone’s size, particularly given the current challenging mining finance environment and it represents a clear endorsement for the quality of this project.

"Upon completion of the conditions, Firestone will be fully-funded to fulfill its strategy of building a diamond mine capable of producing 1 million-plus carats per annum.”