Firestone Diamonds PLC Grid Power Restored (6410V)
04 Diciembre 2019 - 3:42AM
UK Regulatory
TIDMFDI
RNS Number : 6410V
Firestone Diamonds PLC
04 December 2019
4 December 2019
FIRESTONE DIAMONDS Plc
("Firestone", the "Group" or the "Company")
Stable grid power restored at Liqhobong Mine
Firestone Diamonds plc (AIM: FDI), is pleased to announce that
stable grid power has been restored at its Liqhobong Diamond Mine
("Liqhobong").
Further to the announcements on 15 and 23 October 2019 and on 1
November, the Lesotho Electricity Company's Muela Hydropower
Station was brought back into operation on 1 December following a
two month shut down period for maintenance work. As a consequence,
stable grid power was restored to the Liqhobong Mine, enabling the
processing plant to operate once again at full capacity.
The power interruption occurred from 1 October and the
processing plant resumed production on 26 October when diesel
generators were commissioned, which provided sufficient power for
the plant to operate at between 80% and 90% capacity. Additional
costs associated with operating the rented diesel generators during
this period were approximately US$1.1 million and an insurance
claim in respect of the loss of profit and the additional operating
costs is in the process of being compiled.
At the end of November, the Group had a cash balance of US$17.0
million, of which US$9.3 was unrestricted.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
For more information please visit www.firestonediamonds.com or
contact:
+ 44 (0)20 3319
Firestone Diamonds plc 1690
Paul Bosma
Grant Ferriman
Macquarie Capital (Europe) Limited (Nomad +44 (0)20 3037
and Broker) 2000
Alex Reynolds
+44 (0)20 7920
Tavistock (Public and Investor Relations) 3150
Jos Simson
Gareth Tredway
Annabel de Morgan
Background information on Firestone
Firestone is an international diamond mining company with
operations in Lesotho. Firestone commenced commercial production in
July 2017 at the Liqhobong Diamond Mine. Liqhobong is owned 75% by
Firestone and 25% by the Government of Lesotho. Lesotho is one of
Africa's significant new diamond producers, hosting Gem Diamonds'
Letšeng Mine, Firestone's Liqhobong Mine, Namakwa Diamonds' Kao
Mine and Lucapa's Mothae Mine.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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December 04, 2019 04:42 ET (09:42 GMT)
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