Firestone increases guidance as Liqhobong throughput rises
JOHANNESBURG (miningweekly.com) – Firestone Diamonds now expects to recover around 360 000 ct of diamonds in the financial year ending June 30, against April’s guidance of 300 000 ct, owing to operational ramp-up at its Liqhobong mine, in Lesotho, achieving nameplate throughput capacity on multiple occasions since the start of operations.
The Aim-listed diamond miner has also started quarterly repayments under the terms of its $82.4-million Absa debt facility and made its first capital repayment of $1.4-million in March.
The current $15-million standby facility provided by Resource Capital Fund (RCF) expires on June 30 and, while the company has sufficient financial headroom to continue operations and meet its debt repayment obligations as they fall due, the directors have decided to extend the standby facility to provide the company with a prudent level of financial and operational flexibility.
Accordingly, Firestone and RCF have agreed to extend the standby facility for a further year to June 30, 2018, subject to the company drawing $5-million on signature of the amendments to the standby facility.
As a result, Firestone has submitted a drawdown request to RCF for $5-million under the standby facility and, at June 21, the company would have had cash on hand of $13.1-million.
The balance of $10-million remaining under the standby facility will give the company the ability to maintain a prudent working capital buffer and the flexibility to continue to optimise mining operations as it sees fit.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
