Aim-listed Firestone Diamonds has achieved a solid operational performance for the financial year ended June 30, with guidance achieved on all items.
CEO Paul Bosma on Thursday said it was, nevertheless, a tough year from a market and pricing perspective, particularly for the smaller, lower-value goods.
He expects these conditions to persist for the rest of this calendar year.
He added, however, that conditions should improve during 2020, once global supply/demand dynamics improve.
The company recovered 829 458 ct of diamonds at its Liqhobong mine, in Lesotho, in the financial year under review, within its guidance of between 820 000 ct and 870 000 ct.
This is also higher than the 835 832 ct recovered in the prior financial year.
The company treated 3.7-million tonnes of ore at an operating cost of $11.49/t, which was markedly lower than the guidance of between $15/t and $16/t.
The overall grade achieved for the reporting year was 22.6 carats per hundred tonnes.
During the reporting year, the company’s notable recoveries included a 72 ct yellow makeable diamond, a 22 ct white makeable diamond and an 11 ct fancy light-pink diamond.
Following the reporting period end, in July, the company recovered a 54 ct intense fancy yellow, sawable diamond, which will go on sale at the next tender in September.
Firestone’s diamond recovery guidance for the 2020 financial year has been set at between 820 000 ct and 870 000 ct, at an operating cost of between $13.50/t and $14.50/t treated.
Bosma noted that the company planned to develop the mine further through increased stripping of between 6-million and 6.5-million tonnes of waste rock in the 2020 financial year.