Firestone Diamonds
Firestone Diamonds plc is a UK-based international diamond mining and exploration company with operations in Botswana and South Africa. Firestone's objective is to become a leading mid-tier diamond producer. Firestone's strategy is to use cash flow from alluvial mining operations in South Africa to finance exploration projects in established diamond producing areas with the potential for large scale economic diamond deposits. Firestone's key competitive advantage is its highly prospective portfolio of exploration projects in Botswana, which is the world's largest producer of diamonds. The company is the largest holder of exploration rights around the major Orapa and Jwaneng mines, and controls the entire Tsabong kimberlite field, which is one of the largest diamondiferous kimberlite fields in the world.
Firestone Diamonds to operate FTP project for De Beers JV in Namibia
Firestone Diamonds (AIM: FDI) has been selected by De Beers’ joint venture with the Namibian government, Namdeb Diamond Corporation, as the preferred supplier and operator for the Dredge and Floating Treatment Plant (FTP) project at Namdeb's diamond mining operations in Namibia.
Contract negotiations are set to be finalised following the review and approval by the Namdeb board of the joint feasibility study . The study, which is being completed by Firestone and Namdeb, is expected to be presented to the board later in 2010.
The plant is expected to have capacity of 11.5 Mt (million tonnes) per annum and a minimum life of 15 years. It will be constructed by Firestone for Namdeb and operated on a toll treatment basis. Production is expected to commence in 2012.
“Being selected by Namdeb, one of the world's leading diamond producers, for the Dredge and Floating Treatment Plant project is a reflection of the significant operating capability that Firestone has developed. This project...represents a further opportunity for the company to supplement cash flow from our own mining operations at BK11 in Botswana with cash flow from long term, low risk toll treatment projects,” said chief executive of Philip Kenny.
The FTP plant is expected to cut operating costs by removing overburden using a dredge and treat diamondiferous gravel.
Shares in the company rose 2.6% on the news.
Firestone has recently been selected by Debswana for a toll treatment tailings processing project at the Jwaneng mine in Botswana.
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Other Firestone Diamonds news
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28/07/10 Firestone Diamonds and Kopane makes great fit - Mineweb
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21/07/10 Firestone Diamonds in recommended takeover of Kopane Diamonds
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15/04/10 Firestone Diamonds raising £9.45m in institutional placing
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31/03/10 Firestone Diamonds set to begin BK11 production in Q2 2010
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25/03/10 Firestone Diamonds – springboard to success
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22/03/10 Firestone Diamonds denies report of Jwaneng Tailings project delay, on-track for production in 2011
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15/03/10 Firestone Diamonds broadens Botswana based investment appeal with BSE listing
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01/02/10 Firestone Diamonds: right place, right time, right pipe
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28/01/10 Firestone Diamonds plans to evaluate kimberlites at Orapa in Botswana after historical data review
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21/01/10 Firestone Diamonds upbeat about BK11 diamond project in Botswana
