Firestone Sees Strong Demand for Larger Rough

RAPAPORT Sales were strong at Firestone Diamonds in the fourth fiscal quarter amid robust demand for larger rough stones, the miner reported Monday Proceeds from rough sales totaled $18.6 million during the period ending June 30, versus $17.6 million in the previous three months, Firestone said "At the company's recent sale, demand and pricing remained positive for good-quality 1-carat diamonds and up," Firestone said.

The miner recovered more of those ordinary goods during the fourth fiscal quarter, and fewer special stones, it noted As a result, the average price dropped to $71 per carat from $81 per carat in the previous quarter Firestone's production rose 37% quarter on quarter to 263,512 carats, helped by higher grades and processing rates, as well as fair weather conditions during Lesotho's early winter months.

During the quarter, Firestone concluded the restructuring of its $82.4 million debt facility with South African bank ABSA The company is pursuing a new mine plan after achieving disappointing rough-diamond selling prices last year. . Source