Firestone Diamonds: Difference between revisions
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company_name = Firestone Diamond Mining | |
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{{Infobox company |
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company_logo = [[Image:FSDlogo.png|thumb|300px|Firestone Diamonds.]] | |
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company_type = [[Public company|Public]] ({{aim|FDI.L}} | |
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| logo = FD logo master RGB.jpg |
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company_slogan = N/A| |
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location = {{flagicon|UK}} [[London]], [[England]], [[United Kingdom|UK]] | |
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| type = Public company |
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| traded_as = {{aim|FDI}} |
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| location = London, England, UK |
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| revenue = [[Pound sterling]] |
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| products = Diamonds |
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'''Firestone Diamonds plc''' is an [[Alternative Investment Market|AIM]]-listed United Kingdom-based company, operating in [[Lesotho]] and [[Botswana]]. In May 2018, the firm announced the appointment of Paul Bosma as [[CEO]] slated to succeed Stuart Brown on 1 July 2018.<ref>[http://www.miningweekly.com/page/latest-news Liedtke, Simon] "Liqhobong GM to succeed Brown as CEO of Firestone Diamonds", ''Mining Weekly'', 14 May 2018. Retrieved 14 May 2018.</ref> In 2021 Firestone Diamonds appointed Rob De Pretto as CEO to succeed Paul Bosma, who has left the company after seven years. He has also held executive and leadership roles at Diamcor Mining, Anglo American Research and De Beers. |
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'''Firestone Diamonds''' is a [[United Kingdom]]-based company, operating in [[South Africa]] and [[Botswana]]. |
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==Avontuur Mine, Namaqualand, South Africa== |
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Firestone's Avontuur Mine is located near the coastal town of [[Hondeklip Bay]] in [[Namaqualand]]. Hondeklip Bay is a well established alluvial [[diamond]] producing area and hosts [[De Beers]]' Koingnaas Mine and Trans Hex's Hondeklip Bay Mine. These mines have been producing diamonds for 20 years and 15 years respectively and are estimated to have yielded in excess of 10 million carats (2,000 kg) with an estimated value of over $1 billion at current market prices. |
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Firestone has recently completed a major expansion programme at the Avontuur Mine, resulting in the integration of two previously separate and adjoining operations on the Nova and Gras Kom properties into a single expanded operation centred on the Avontuur Mine. |
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Earthmoving capacity has been more than doubled to over 1 million tonnes per annum, gravel treatment capacity has been increased by 60% to approximately 320 tonnes per day, and exploration drilling capability has been increased tenfold. |
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Recent drilling on the mine has also led to the discovery of a number of new gravel deposits, and while further evaluation of these deposits is required, the Company is confident that they will result in an increase to the mine's reserves. |
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Diamonds produced from Avontuur average approximately 0.2 carat (40 mg) in weight and more than 80% are of gem quality and good, white colour. The largest diamond recovered to date weighed 1.9 carats (380 mg). Firestone markets its diamond production independently of the CSO by private tender, and sales are held several times a year in South Africa. The high quality of the Avontuur gem stones ensures that Firestone receives better than average prices for its diamonds, and in recent sales prices have averaged between $100 and $110 per carat. |
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==Liqhobong Mine, Lesotho== |
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The [[Lighobong diamond mine]] ('Liqhobong' or the 'Project') in Lesotho is Firestone's principal asset, and was acquired as a result of the acquisition of Kopane Diamond Developments plc in September 2010. Liqhobong is located at the head of the Liqhobong Valley in the [[Maluti Mountains]] of northern Lesotho and is operated by Liqhobong Mining Development Company (Proprietary) Limited ('LMDC'), which is 75% owned by Firestone Diamonds and 25% owned by the government of Lesotho. |
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Firestone acquired an 87.5% interest in the Oena Mine in February 2000, and is in the process of re-establishing mining operations at the mine. The Oena mining lease covers an area of 8,800 hectares and extends for 17 kilometres along the banks of the lower [[Orange River]]. The Orange River played a very significant role in the creation of the alluvial diamond deposits on the west coast of Southern Africa. First, it was the largest and most important river which transported diamonds to the west coast. Second, it carried diamonds of a size and quality considered equal to best in the world, with average values of between $700 and $900 per carat. |
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Asam Minerals, Firestone's geological consulting affiliate, carried out the first prospecting activities on the lower reaches of the Orange River in the late 1960s, and was responsible for the discovery and development of the first mines on the lower Orange River at Octha and Baken. |
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==BK11 Mine, Botswana== |
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Octha is estimated to have produced 700,000 carats (140 kg), with a current value of $500 million. Baken, which is considered to be one of the premier alluvial diamond mines in the world, is the flagship of Trans Hex, South Africa's second largest diamond producer, and has been producing for over 30 years. Baken currently produces approximately 50,000 carats (10 kg) per annum, with a gross value of about $40 million. De Beers' Auchas Mine is located opposite Baken on the Namibian side of the Orange River and currently produces 25,000 carats (5 kg) per annum. The Oena Mine is located approximately 17 kilometres upstream of Baken. Upstream of Oena, Global Diamond Resources, a [[United States]] listed company, is developing a mine at Grasdrif. Trans Hex is carrying out a feasibility study at their Northbank project, located on the Namibian side of the river opposite Grasdrif. |
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The BK11 kimberlite mine is located in the [[Orapa]] kimberlite field in northern Botswana. BK11 is located approximately 10 kilometres west and 20 kilometres southeast of De Beers' Letlhakane and Orapa mines, respectively, and is within 5 kilometres of the Karowe mine operated by [[Lucara Diamond Corp]]. |
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Initial pit design work indicates that approximately 12 Mt of [[kimberlite]] can be extracted at an average grade of 8 carats per hundred tonnes containing circa 0.9 million carats. Phase 1 of the BK11 production plant commenced in August 2010 but was placed on [[care and maintenance]] in February 2012 as a result of the plant's inability to successfully liberate diamonds. Phase 2 which included secondary and tertiary crushing circuits and connection to the existing electrical power infrastructure remains to be implemented. |
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Previous mining operations at Oena in the early 1990s were small scale and focused on two remnant deposits of high grade Miocene-age gravels, known as proto Orange gravels. Between 1991 and 1995, Oena produced approximately 30,000 carats (6 kg), worth about $24 million at current prices. The average stone size was approximately 2 carats (400 mg), and in 1993 production was sold for an average of $880 per carat. The largest stone recovered was 79 carats (16 g). As prices of large, high quality stones have increased significantly since then, the current market value of these diamonds is estimated to be in the region of $1,000 per carat. By 1995 the proto Orange gravels at Oena were mined out, following which mining operations were suspended. |
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The Board is considering various strategic alternatives for its Botswana operation, including disposal or potential joint venture options. |
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Firestone intends to re-establish mining operations at the mine to exploit the substantial resource of more recent gravel terraces, known as meso Orange gravels, which remain on the mine. Geological and topographical mapping, aerial photo analysis, and drilling have been undertaken on the meso terraces, on the basis of which the total gravel resource is estimated to be approximately 40 million tonnes. |
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BK11 has been acquired by Tango Mining, a [[TSX Venture Exchange|TSX Venture]] listed junior mining company. |
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Sampling on the meso terraces has produced grades between 0.6 and 1.25 carats/100 tonnes (1.2 and 2.5 mg/t), with localised high grade areas of between 5 to 10 carats/100 tonnes (1 to 2 g/t). Over 330 carats (66 g) were recovered from small scale subcontracting operations at Oena in 1999, which were sold at an average price of $880 per carat. The largest stones recovered were 48 carats (9.6 g), 16.28 carats (3.256 g), and a 10.81 carat (2.162 g) D flawless stone which sold for $5,000 per carat. |
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==References== |
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Oena has the significant advantage that much of the original mine infrastructure is still in place, allowing production to begin almost immediately. Key elements of the infrastructure include mining equipment, more than 1,300 m² of accommodation, office space and workshops, fresh water supply, telephone line, 1,300 metre runway, and gravel treatment plant and sorting building. |
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{{reflist}} |
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Oena also has significant exploration potential, as it is believed that high grade proto Orange gravels have been preserved beneath the meso Orange gravels in certain locations at the mine. |
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[[Category:Diamond mining companies]] |
[[Category:Diamond mining companies]] |
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[[Category:Mining companies |
[[Category:Mining companies based in London]] |
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Latest revision as of 11:10, 4 February 2024
 | This article needs additional citations for verification. (June 2010) |
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| Company type | Public company |
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| AIM: FDI | |
| Industry | Mining |
| Headquarters | London, England, UK |
Key people | Lucio Genovese, Non-Executive Chairman Stuart Brown, Chief Executive Officer |
| Products | Diamonds |
| Revenue | Pound sterling |
| Total assets | £118.19 million (2014) |
| Website | www.firestonediamonds.com |
Firestone Diamonds plc is an AIM-listed United Kingdom-based company, operating in Lesotho and Botswana. In May 2018, the firm announced the appointment of Paul Bosma as CEO slated to succeed Stuart Brown on 1 July 2018.[1] In 2021 Firestone Diamonds appointed Rob De Pretto as CEO to succeed Paul Bosma, who has left the company after seven years. He has also held executive and leadership roles at Diamcor Mining, Anglo American Research and De Beers.
Liqhobong Mine, Lesotho
[edit]The Lighobong diamond mine ('Liqhobong' or the 'Project') in Lesotho is Firestone's principal asset, and was acquired as a result of the acquisition of Kopane Diamond Developments plc in September 2010. Liqhobong is located at the head of the Liqhobong Valley in the Maluti Mountains of northern Lesotho and is operated by Liqhobong Mining Development Company (Proprietary) Limited ('LMDC'), which is 75% owned by Firestone Diamonds and 25% owned by the government of Lesotho.
BK11 Mine, Botswana
[edit]The BK11 kimberlite mine is located in the Orapa kimberlite field in northern Botswana. BK11 is located approximately 10 kilometres west and 20 kilometres southeast of De Beers' Letlhakane and Orapa mines, respectively, and is within 5 kilometres of the Karowe mine operated by Lucara Diamond Corp.
Initial pit design work indicates that approximately 12 Mt of kimberlite can be extracted at an average grade of 8 carats per hundred tonnes containing circa 0.9 million carats. Phase 1 of the BK11 production plant commenced in August 2010 but was placed on care and maintenance in February 2012 as a result of the plant's inability to successfully liberate diamonds. Phase 2 which included secondary and tertiary crushing circuits and connection to the existing electrical power infrastructure remains to be implemented.
The Board is considering various strategic alternatives for its Botswana operation, including disposal or potential joint venture options.
BK11 has been acquired by Tango Mining, a TSX Venture listed junior mining company.
References
[edit]- ^ Liedtke, Simon "Liqhobong GM to succeed Brown as CEO of Firestone Diamonds", Mining Weekly, 14 May 2018. Retrieved 14 May 2018.