. . . sets sights on Liqhobong mine
By Ntsebeng Motsoeli
MASERU — Firestone Diamonds has delisted from the Botswana Stock Exchange to focus on its business in Lesotho.
The United Kingdom-based company owns 75 percent of the Liqhobong Diamond Mine, with the Lesotho government owning the remaining 25 percent.
In a statement released this week, the company said since its stock began trading in Gaborone in June 2011, the shares have barely seen any transactions at all.
“In the 35 months in which Firestone’s stock was listed, there has been only 35 individual stock trades,” the statement reads.
“In the span of a half-year that preceded the decision to delist, only one day saw trading of the stock.”
Some of the shareholders have accepted Firestone’s offer to buy them out of their stock, while others, who hold many more shares, will see their stock ownership transferred to the London Stock Exchange’s Alternative Investment Market.
Firestone has since put its BK11 mine in Botswana on “idle” status and said it would shift its attention to its principal asset in Liqhobong.
The company has commenced construction of the Main Treatment Plant at the Liqhobong Diamond Mine with full production, plus 1.1 million carats per annum, targeted for early 2016.
“The company completed the definitive feasibility study which set out the basis for an open pit mine with a 15-year life and a Main Treatment Plant capable of an annual production of 3.6 million tonnes yielding in excess of 1 million carats,” the statement further reads.
Firestone also has a diamond exploration licence in Finland.
